Bitcoin failed at tapping $29,000 yesterday, and the subsequent rejection brought it back down by almost a grand.
Most alternative coins have also turned red today, with some, such as DOGE, LDO, and ARB, dropping hard.
This week started with a familiar note, with bitcoin slumping to $27,200 after FUD regarding Binance. However, as the exchange’s CEO refuted the claims that he was issued a Red Notice by Interpol, and it turned out to be fake news, the cryptocurrency started gaining value and erased all recent losses.
It jumped to over $28,000 almost immediately before the bulls initiated another leg-up that brought up all the way up to $28,800 (on Bitstamp). As they were preparing to challenge $29,000, the situation reversed, and BTC started losing value once again, even after MicroStrategy’s latest purchase.
As of now, the cryptocurrency trades roughly a grand lower as it just dipped beneath $28,000. Its market cap has slipped to $540 billion, while its dominance over the altcoins is at 45.7%. In fact, the metric has declined by almost 1% in the past week or so.
Almost the entire altcoin field has turned red today. Dogecoin leads the adverse trend from the top 10 assets with a 6% slump. Nevertheless, the original memecoin is still up by more than 20% on a weekly scale following the most recent engagement from Elon Musk.
LDO and ARB are the other more notable losers from the larger-cap alts. Both assets are down by approximately 5% to $2.53 for LDO and $1.2 for ARB.
More daily price declines are evident from Ethereum, which has slipped beneath $1,900 after marking an eight-month high yesterday above that level, BNB, XRP, ADA, MATIC, SOL, and many others.
Overall, the cumulative market cap of all crypto assets has seen roughly $30 billion gone in a day and is down below $1.2 trillion.
