This week’s start was anything but good for the cryptocurrency market in terms of pricing. The total capitalization dropped by more than $140 billion before recovering slightly as Bitcoin, and the rest took a beating.
Bitcoin Price Dipping to $45K
Things were looking positive during the weekend. Unlike the previous one, which was covered in red, this time around, the bitcoin price attempted recovery and was doing reasonably okay. In fact, on Sunday, BTC was trading above $50K for a while, which gave hope that a more significant rally might be in play.
Unfortunately for the bulls, as soon as Monday came, things were looking bleak once again. Having reached a high of $50,800 on Sunday, the price tanked the subsequent day.
BTC dipped to $45,750 (on Bitstamp), marking yet another massive daily red candle and hampering hopes of proper recovery once again. At the time of this writing, the price managed to recover a bit and is currently trading just above $47K.
However, the overall sentiment for BTC remains in a state of ‘extreme fear’ according to the crypto Fear and Greed Index.
Altcoins Swimming in Red
Altcoins are not looking any better. On a 24-hour scale, every single cryptocurrency from the top 20 (apart from stablecoins) is in the red. Zooming out to a 7-day scale reveals the exact same thing.
Trading against Bitcoin, it’s only Doge that’s up a slight 0.7% in the past day, whereas on a 7-day log, all of them besides Tron’s TRX and Ripple’s XRP are in the negative.
This is how the altcoin heatmap looks at the time of this writing:
Of course, there are slight exceptions from today’s bloodbath, mostly in the face of DESO, which is up 45.5%. On the other hand, the cryptocurrency that lost the most value is OHM, down 10.5% in the past 24 hours.
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Cryptocurrency charts by TradingView.