After a few days of resisting the market-wide price drops, bitcoin has also joined the pack with a 2% drop that drove it to $27,000.
The altcoins are once again in the red, which has harmed the total market cap – the metric is down by over $40 billion within 2-3 days.
BTC Slumps to $27K
The primary cryptocurrency was rejected at $28,000 last Thursday, which pushed it south to $27,200 almost immediately on Friday. However, the bulls stepped on the gas pedal on Saturday and initiated another leg up that pushed BTC to over $28,000.
Nevertheless, this attempt didn’t see a lot of success and bitcoin retraced to just under $28,000 where it spent the weekend. Monday started with a similar lack of volatility, but the cryptocurrency started losing ground later that day.
It bounced off yesterday to around $27,500. However, the past 24 hours have not been kind to the asset and bitcoin fell to a 10-day low of $27,000.
It currently sits at around that level as well, and its market cap has slumped to under $530 billion. Its dominance over the alts, though, is still high at over 50% on CMC.
BTCUSD. Source: TradingView## Alts Buried in Red
The alternative coins have not enjoyed the past few days, with red dominating almost all charts. Ethereum traded close to $1,700 earlier this week but is now down to $1,550 after another 2% daily decline.
Binance Coin is close to breaking below $200 following a more modest 1.5% daily drop. Ripple’s native cryptocurrency has plummeted below $0.5 as it has lost more than 3% of value within the past 24 hours.
Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also well in the red from the larger-cap alts.
More losses come from the likes of Avalanche and Cosmos. Both are down by over 5% to $9.3 and $6.6, respectively.
The total crypto market cap has seen $40 billion gone since the start of the business week and is down to $1.050 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
