Bitcoin’s attempt to overcome the $29,000 level yesterday saw no success, and the asset has lost some ground but still stands above $28,000.
The altcoins have turned red on a daily scale now. The only exceptions from the larger ones are LEO, UNI, and MNT.
The start of the business week was quite positive for the primary cryptocurrency, which pumped by around a grand on Monday morning after a sluggish weekend. Furthermore, one of the most notable price pumps in months came later that day amid false reports claiming that the US SEC had finally approved a spot Bitcoin ETF.
The asset reacted with an instant $2,000 surge that drove it to a 2-month peak at around $30,000. As the reports were denied, though, BTC started losing value just as rapidly and went back down to $28,000.
The bulls tried to initiate a few more price pumps the following days, which culminated in another challenge of $29,000 yesterday. However, the cryptocurrency failed to overcome that level and has lost several hundred dollars since then.
As of now, BTC trades just inches above $28,000, but its market capitalization has remained north of $550 billion. Its dominance over the altcoins is still riding high at over 51% on CMC.
Most alternative coins mimicked BTC’s pump and dump following the fake reports but are now trading in the red.
Ethereum went to almost $1,700 but struggles to remain above $1,550 as of now, following another 1.3% daily drop. Binance Coin has declined by a similar percentage to $210.
Ripple, Cardano, Toncoin, Polygon, Polkadot, Litecoin, Shiba Inu, and AVAX have dropped by around 2% in a day.
LEO, UNI, and MNT are among the few exceptions, with minor increases over the past 24 hours.
Overall, the total crypto market cap has lost some steam and sits around $1.080 trillion on CMC.
