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Bitcoin’s troubles continue in the past 24 hours, with another price slide to a low well beneath $32,000. The altcoins are deep in the red as well, with ETH and BNB trading below $2,000 and $300, respectively.
Bitcoin Drops Below $32K
Although the weekend saw minimal trading volume, the price of the primary cryptocurrency actually increased. It went from around $33,000 to a high of just shy of $35,000.
However, the bears regained control at this point and didn’t allow a potential breakout. Just the opposite, they pushed BTC south again, as reported yesterday.
Bitcoin dropped to $33,000, and even though it tried to bounce off, the situation has only worsened since then. The asset kept falling, broke below $32,000 for the first time since late June, and reached an intraday low of around $31,650 (on Bitstamp). This became its lowest price line in 17 days.
Despite regaining a few hundred dollars in the next few hours, BTC’s market capitalization had dumped below $600 billion, while the dominance has actually increased to 46% due to the bloodbath among altcoins.
BTCUSD. Source: TradingView
Altcoins Keep Bleeding: ETH at $1.9K
The alternative coins have suffered even more than their leader lately. Ethereum went as high as $2,450 about a week ago but has lost more than 20% of its value since then.
The second-largest crypto firstly broke beneath $2,000, but the bears kept the pressure on, and it’s now struggling to remain above $1,900.
Binance Coin has also lost a round-numbered milestone. A 6.5% decrease in 24 hours has driven it below $300. Just for reference, BNB reached a multi-week high at over $340 days ago.
The rest of the larger-cap altcoins are also deep in red. Those include Cardano (-7.5%), Ripple (-6%), Dogecoin (-5.5%), Polkadot (-9%), Bitcoin Cash (-6.5%), Litecoin (-5.5%), Solana (-8%), and Chainlink (-8%).
Furthermore, Uniswap has charted a double-digit price drop of -13%. As a result, UNI trades just over $17.
Cryptocurrency Market Overview. Source: Quantify Crypto
More losses come from Cosmos (-15%), Synthetix (-15%), Terra (-15%), Telcoin (-14%), Decentraland (-14%), Theta Fuel (-13%), Enjin Coin (-12%), THETA (-12%), IOTA (-12%), Sinacoin (-11%), and so on.
Ultimately, the cumulative market capitalization has declined by $80 billion in a day and more than $120 billion in two days to $1.3 trillion.
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