Bitcoin’s troubles continue in the past 24 hours, with another price slide to a low well beneath $32,000. The altcoins are deep in the red as well, with ETH and BNB trading below $2,000 and $300, respectively.
Bitcoin Drops Below $32K
Although the weekend saw minimal trading volume, the price of the primary cryptocurrency actually increased. It went from around $33,000 to a high of just shy of $35,000.
However, the bears regained control at this point and didn’t allow a potential breakout. Just the opposite, they pushed BTC south again, as reported yesterday.
Bitcoin dropped to $33,000, and even though it tried to bounce off, the situation has only worsened since then. The asset kept falling, broke below $32,000 for the first time since late June, and reached an intraday low of around $31,650 (on Bitstamp). This became its lowest price line in 17 days.
Despite regaining a few hundred dollars in the next few hours, BTC’s market capitalization had dumped below $600 billion, while the dominance has actually increased to 46% due to the bloodbath among altcoins.
Altcoins Keep Bleeding: ETH at $1.9K
The alternative coins have suffered even more than their leader lately. Ethereum went as high as $2,450 about a week ago but has lost more than 20% of its value since then.
The second-largest crypto firstly broke beneath $2,000, but the bears kept the pressure on, and it’s now struggling to remain above $1,900.
Binance Coin has also lost a round-numbered milestone. A 6.5% decrease in 24 hours has driven it below $300. Just for reference, BNB reached a multi-week high at over $340 days ago.
The rest of the larger-cap altcoins are also deep in red. Those include Cardano (-7.5%), Ripple (-6%), Dogecoin (-5.5%), Polkadot (-9%), Bitcoin Cash (-6.5%), Litecoin (-5.5%), Solana (-8%), and Chainlink (-8%).
Furthermore, Uniswap has charted a double-digit price drop of -13%. As a result, UNI trades just over $17.
More losses come from Cosmos (-15%), Synthetix (-15%), Terra (-15%), Telcoin (-14%), Decentraland (-14%), Theta Fuel (-13%), Enjin Coin (-12%), THETA (-12%), IOTA (-12%), Sinacoin (-11%), and so on.
Ultimately, the cumulative market capitalization has declined by $80 billion in a day and more than $120 billion in two days to $1.3 trillion.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.