Bitcoin’s thrill above $32,000 was short-lived as the asset fell a few thousand dollars and fell below $30,000. The altcoin is also covered in the red today, with ETH falling to $1,800 and SOL dumping hard after the latest network issue.
Bitcoin Drops Below $30K
After weeks of being unable to conclusively cross $30,000, bitcoin finally did so a few days ago when it hit a local peak of over $32,000. Yesterday also saw another modest record and while the community expected further price increases, the bears reminded them of their presence and dominance in the market.
In a matter of hours, BTC fell by nearly $3,000 and just over $29,000. Somewhat as expected, this increased volatility caused huge pain for over-leveraged traders, as liquidations topped $500 million (on a 24-hour scale) at one point.
So far, the cryptocurrency has gained some traction and is nearing the coveted $30,000 line. Nevertheless, its market capitalization has dropped below $600 billion, but its dominance over altcoins is north of 46%.
Alt’s Dark Red View
Altcoins followed BTC, but most have turned red today and have suffered significant losses. Ethereum is leading this unfavorable trend with a daily decline of 5.5%. As a result, the second-largest cryptocurrency rose to just over $1,800 after falling near $2,000 yesterday.
BNB is close to breaking below $300 after a similar price drop. Cardano, Ripple, Dogecoin, Tron and Shiba Inu are also down up to 6%, while Polkadot and Avalanche are down more than 8% in one day.
However, now the biggest loser is Solana. SOL drops by over 11% on a 24-hour scale after latest network issues cryptopotato Reported yesterday.
With lower- and mid-cap options also in the red, it’s no surprise that the total crypto market cap is down from $70 billion to just below $1.250 trillion.
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Cryptocurrency charts by TradingView.