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Bitcoin has failed to recover most of the losses after dipping to a two-week low and continues to struggle below $33,000. Most alternative coins have also been unable to bounce off, with ETH even dropping beneath $2,100.
BTC Reached a 2W Low
The situation with the primary cryptocurrency seemed significantly more favorable during the weekend when it pumped to a multi-day high of around $36,000. However, the bears took advantage of the asset’s inability to break further north and pushed it down relatively quickly.
In the following days, BTC dipped to $33,500, attempted a quick recovery, but it was halted once again at approximately $35,000. Consequently, more bearish developments followed.
As reported yesterday, bitcoin started crumbling and lost over $2,000 in hours. This resulted in dipping to just over $32,000, which became its lowest price tag since June 27th.
Although BTC bounced off and reclaimed some ground, it’s still currently struggling below $33,000, and its market capitalization is down to just over $610 billion.
BTCUSD. Source: TradingView
Alts in Red Again; ETH Below $2.1K
The alternative coins mimicked BTC’s price nosedive yesterday with substantial losses. The situation has not changed all that much since then, as Ethereum has dropped beneath another round-numbered level.
This time, a 4% decline has driven the second-largest crypto below $2,100. Just for reference, ETH was riding well above $2,300 earlier this week.
Binance Coin also saw multi-week highs recently as it spiked to nearly $340. However, the market correction has pushed BNB south as well as the asset currently stands at $305.
On a 24-hour scale, Cardano (-3%), Ripple (-1.5%), Dogecoin (-2.5%), Uniswap (-1%), Bitcoin Cash (-1%), Solana (-5%), and Chainlink (-3.5%) are also well in the red.
Dogecoin has stalled, and even another positive engagement from Elon Musk has failed to drive it north.
Cryptocurrency Market Overview. Source: Quantify Crypto
More losses are evident from Decentraland (-14%), THETA (-13%), Theta Fuel (-13%), Enjin Coin (-11%), Telcoin (-10%), ICP (-8%), Waves (-7%), THORChain (-6%), and more.
The cumulative market cap is down by more than $120 billion in two days and is well below $1.4 trillion now.
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