Bitcoin has failed to recover most of the losses after dipping to a two-week low and continues to struggle below $33,000. Most alternative coins have also been unable to bounce off, with ETH even dropping beneath $2,100.
BTC Reached a 2W Low
The situation with the primary cryptocurrency seemed significantly more favorable during the weekend when it pumped to a multi-day high of around $36,000. However, the bears took advantage of the asset’s inability to break further north and pushed it down relatively quickly.
In the following days, BTC dipped to $33,500, attempted a quick recovery, but it was halted once again at approximately $35,000. Consequently, more bearish developments followed.
As reported yesterday, bitcoin started crumbling and lost over $2,000 in hours. This resulted in dipping to just over $32,000, which became its lowest price tag since June 27th.
Although BTC bounced off and reclaimed some ground, it’s still currently struggling below $33,000, and its market capitalization is down to just over $610 billion.
Alts in Red Again; ETH Below $2.1K
The alternative coins mimicked BTC’s price nosedive yesterday with substantial losses. The situation has not changed all that much since then, as Ethereum has dropped beneath another round-numbered level.
This time, a 4% decline has driven the second-largest crypto below $2,100. Just for reference, ETH was riding well above $2,300 earlier this week.
Binance Coin also saw multi-week highs recently as it spiked to nearly $340. However, the market correction has pushed BNB south as well as the asset currently stands at $305.
On a 24-hour scale, Cardano (-3%), Ripple (-1.5%), Dogecoin (-2.5%), Uniswap (-1%), Bitcoin Cash (-1%), Solana (-5%), and Chainlink (-3.5%) are also well in the red.
Dogecoin has stalled, and even another positive engagement from Elon Musk has failed to drive it north.
More losses are evident from Decentraland (-14%), THETA (-13%), Theta Fuel (-13%), Enjin Coin (-11%), Telcoin (-10%), ICP (-8%), Waves (-7%), THORChain (-6%), and more.
The cumulative market cap is down by more than $120 billion in two days and is well below $1.4 trillion now.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
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.