Ethereum Fights to Hold $2,000 as Bitcoin Slides to $33K (Market Watch)
After failing to reach $35,000, bitcoin has headed south and lost around $2,000 of value in a day. Most alternative coins have mimicked their leaders’ performance with serious declines, including ETH, which even dipped below $2,000 for the first time since late June.
Bitcoin Drops Below $33K
Despite the minimal trading volume during the weekend, bitcoin actually added some value. The cryptocurrency went from about $33,000 to $34,000 on Sunday and kept going north yesterday, as reported.
This culminated in a daily high of just under $34,800. However, at this point, the bears stepped in and prevented any further advances.
In the following hours, BTC started declining in value and lost more than $2,000. As a result, it dropped to a low of around $32,600 (on Bitstamp).
Since then, it has bounced off and reclaimed $33,000, but it’s still more than 3% down on a 24-hour scale. Its market cap is back to $620 billion, while the dominance over the altcoins has increased slightly since yesterday to 45.5%.
This comes at a time when the network activity on Bitcoin’s blockchain has decreased substantially.
Altcoins in Red: ETH Dipped Below $2K
As it typically happens when BTC suddenly heads south, so have done the alternative coins. Ethereum is a prime example as it nosedived from $2,150 to $1,980 in a day. As such, the second-largest crypto broke below $2,000 for the first time in over two weeks.
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Nevertheless, ETH has also reacted well since that drop and currently stands above that particular level.
Binance Coin, which recently went as high as $340, also fell hard as it dropped to just over $300. As of now, BNB stands at $315 after a 6% decline on a 24-hour scale.
Uniswap has lost the most from the top ten as a 8% drop has driven it below $20. Cardano (-3.5%), Ripple (-2.5%), Dogecoin (-5.5%), Polkadot (-6%), Bitcoin Cash (-4.5%), Litecoin (-4.5%), Solana (-5%), and Chainlink (-5%) are also deep in the red.
The situation with the lower- and mid-cap alts is quite similar. KuCoin Token leads the adverse trend with a 14% slump, followed by Telcoin (-13%), Mdex (-11%), THETA (-11%), ICP (-10%), and SushiSwap (-9%).
Although Axie Infinity and Revain have charted impressive gains since yesterday, the cumulative market cap of all digital assets has dropped by $60 billion in a day to well below $1.4 trillion.
