Bitcoin continues to gradually lose value and dropped to a near two-month low of just over $37,000. The altcoins are also deep in the red, with notable price losses from Solana, Cardano, Terra, Polkadot, and many others.
Bitcoin Sees 2-Month Low
It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t all that long ago, as BTC neared $41,000 roughly a week ago but was rejected in its tracks.
The subsequent correction drove the asset south hard, and it lost about $3,000 in hours. However, it reacted well and went on the offensive once more. This time, it spiked above $40,000 again but, just like the previous example, failed to continue upwards.
Instead, bitcoin started losing ground again, fell below the coveted $40,000 line, and dropped to $38,000, as reported yesterday.
The situation worsened in the following 24 hours as BTC dumped below $37,500. This became its lowest price tag since early March.
As of now, bitcoin has regained some traction and stands around $38,000. Nevertheless, its market capitalization has declined to $720 billion.
BTCUSD. Source: TradingView
Alts in Deep Red
The alternative coins are also in bad shape today. Ethereum was riding high several days ago as it stood above $3,000. However, the broader bearish market sentiment pushed the second-largest cryptocurrency south. As of now, ETH stands below $2,800 after another 2% daily decline.
Binance Coin was also sitting above $400 until recently but is now down to $380. Solana, Ripple, Terra, Cardano, Dogecoin, Polkadot, Avalanche, and Shiba Inu are also deep in the red.
ApeCoin has lost the most in a day (-30%) following the sale of BAYC’s Otherside. Fantom, Kava, FIlecoin, Zilliqa, Harmony, Gala, Decentraland, The Sandbox, and THORChain have also declined by double digits.
Consequently, the market cap is down to $1.7 trillion, meaning that the metric has seen $130 billion gone in two days.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.