Bitcoin Joins Market-Wide Drops
After resisting the recent market-wide price drops, bitcoin has finally succumbed with a 2% drop, bringing its price down to $27,000. This decline has also had a negative impact on the total market cap, which has decreased by over $40 billion in just 2-3 days.
BTC Slumps to $27K
Last Thursday, the primary cryptocurrency was rejected at $28,000, causing it to drop to $27,200 almost immediately on Friday. However, on Saturday, the bulls made an attempt to push BTC above $28,000. Despite this effort, bitcoin retraced back to just under $28,000 for the rest of the weekend.
On Monday, bitcoin started losing ground and bounced off yesterday to around $27,500. Unfortunately, within the past 24 hours, bitcoin fell to a 10-day low of $27,000. Its market cap has also decreased and is now under $530 billion. However, it still maintains dominance over altcoins with over 50% on CMC.
Alts Buried in Red
The alternative coins have experienced a rough few days as most charts are dominated by red. Ethereum went from trading close to $1,700 earlier this week to now being down to $1,550 after a 2% daily decline.
Binance Coin is also struggling and is close to breaking below $200 with a more modest 1.5% daily drop. Ripple’s native cryptocurrency has plummeted below $0.5 with a loss of over 3% in value within the past 24 hours.
Other larger-cap altcoins such as Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also facing significant losses. Additionally, Avalanche and Cosmos have both seen over 5% declines, with prices at $9.3 and $6.6, respectively.
Total Crypto Market Cap Decreases
Since the start of the business week, the total crypto market cap has decreased by $40 billion and is now at $1.050 trillion on CMC.
Hot Take: Bitcoin’s Drop Adds to Market-wide Decline
The recent drop in bitcoin’s price adds to the market-wide decline that has been affecting the cryptocurrency industry. With altcoins also experiencing losses, the total market cap has taken a hit. It remains to be seen how long this downward trend will continue and if bitcoin can regain its previous levels of support.
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