After a few days of consolidating above the $40,000 mark, bitcoin slipped below that level to a new monthly low. The altcoins are also deep in the red today, with ETH dumping beneath $3,000 and even more substantial price losses from Ripple, Solana, Cardano, Terra, and Polkadot.
The past few days were rather calm in the altcoin market, with little-to-no substantial price movements. Today, though, the situation is mainly different.
Ethereum leads the adverse trend with a price decline of almost 5%. As a result, the second-largest cryptocurrency has dropped below $3,000 for the third time this month.
Binance Coin struggles at around $400 after a 3.5% daily decrease. Just until yesterday, BNB was close to $420.
More painful daily drops come from Ripple (-6%), Solana (-5.5%), Cardano (-7%), Terra (-5.5%), Avalanche (-6%), Polkadot (-7%), Dogecoin (-6%), and Shiba Inu (-6%).
Even more losses are evident from KNC (-11%), Filecoin (-11%), Waves (-10%), Zilliqa (-10%), EOS (-10%), STEPN (-10%), and others.
Ultimately, the crypto market cap has seen $80 billion evaporate, and the metric is down to $1.8 trillion.
Following last week’s enhanced volatility, in which bitcoin fell from $45,000 to around $40,000, the asset had calmed around the latter. As reported over the weekend, BTC stood just above $40,000 and even took a swing at $41,000 yesterday, but to no avail.
Just the opposite, the bears came out to play and pushed it south. As a result, bitcoin dumped below $40,000 for the second time in the past ten days and kept losing value.
This time, BTC dumped to $38,600 (on Bitstamp), which became the asset’s lowest price point since March 16. As of now, it stands a few hundred dollars north, but its market capitalization has declined to below $750 billion.
