The bears continue to put pressure on the crypto market as bitcoin dropped below $40,000 for the first time in two weeks. The altcoins are also deep in red once again, with Ethereum sliding beneath $2,800 and massive price drops from Solana, Avalanche, MATIC, and others.
It was just three days ago when the landscape around the largest cryptocurrency seemed significantly more bullish. The asset had recovered from its latest dips to $42,000 and actually challenged $45,000, however, to no avail.
The bears came back to the scene and gradually pushed BTC south to around $44,000 before the situation worsened on Thursday and Friday.
In a matter of hours, bitcoin slid by around $4,000, thus breaking below the January 2021 ATH of $42,000. Initially, the coveted $40,000 mark maintained but BTC dumped below it hours later and went all the way down to $39,500 for the first time since early February.
As of now, bitcoin has reclaimed some ground and stands around $40,000. Nevertheless, its market capitalization has declined to just over $750 billion, days after nearing $850 billion.
The alternative coins have largely mimicked BTC’s performance lately, meaning that most are deep in red today. Ethereum is a prime example. It stood above $3,200 earlier this week, but it dropped below $3,000 days later and now finds itself struggling beneath $2,800 following another 5% daily nosedive.
Solana, Avalanche, Shiba Inu, and MATIC have declined by similar percentages since yesterday. This means that SOL trades at $90, AVAX is at $85, SHIB is at $0.000028, and MATIC is at $1.6.
Binance Coin, Ripple, Cardano, Polkadot, and Dogecoin are also in the red on a daily scale.
With most lower- and mid-cap alts also struggling, it’s somewhat expected that the entire crypto market cap is down by another $50 billion since yesterday. The metric, which stood above $2 trillion just days ago, is now at just over $1.8 trillion.
