ApeCoin Plummets 8% as Bitcoin Hits 2-Week Low (Market Update)

ApeCoin Plummets 8% as Bitcoin Hits 2-Week Low (Market Update)


Bitcoin hits a 2-week low as altcoins follow suit, with Ethereum slipping below $1,800 and ADA dumping by 3% in a day.

After plenty of days of trading sideways around $27,000, Bitcoin (BTC) took a turn  for the worse and dropped to its lowest price position in almost two weeks.

The crypto altcoins are in no better shape, with Ethereum (ETH) slipping below $1,800 and ADA dumping by 3 percent in a day. LDO is among the few exceptions with daily gains.

Bitcoin Down to 2-Week Low

Following the price slumped to $26,500 past week, Bitcoin (BTC) recovered most losses and stood at and over $27,000 during the weekend. The start of this coming week was even more positive as the digital currency jumped to $27,500 on Tuesday to chart a multi-day high.

Nonetheless, the bears intercepted the move and didn’t allow any further increases. Just the opposite, they pushed the investment back down to around $27,000.

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The past 24 hours brought even more pain for the bulls as Bitcoin dumped by over a grand at one point and dipped below $26,000 for the 1st time since May 13. Regardless of bouncing off and recovering several  hundred dollars since that low, Bitcoin (BTC) is still around 2 percent down on the day.

As a result, its market cap has declined to $505 billion. Its dominance over the alts has likewise taken a slight hit and stands now at 46.1 percent on CMC.

APE Falls Hard

As it typically happens when Bitcoin heads south, so do most crypto altcoins. Ethereum (ETH) is a prime example. The second- largest digital investment is down by over 2 percent and trades below $1,800.

Binance Crypto exchange Coin has retraced to $305 after a 1 percent daily decrease. More losses among the top 15 coins come from the likes of Ripple, Cardano (ADA), Dogecoin (DOGE), Solana (SOL) Polkadot (DOT), Litecoin, Shiba Inu (SHIB), and Avalanche.

Nonetheless, ApeCoin and Algorand have dumped the most from the top 50. APE has slumped by over 8 percent to $3.2, while ALGO is down by 5 percent to $0.15.

The cryptocurrency  market capitalization has shed another $20 Billion in a day (and over $40 in two days) and is down to precisely $1.1 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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