Bitcoin Joins Market-Wide Price Drops with 2% Decrease
After resisting the downward trend in the cryptocurrency market for a few days, bitcoin has finally succumbed to the pressure. The leading cryptocurrency experienced a 2% drop, bringing its price down to $27,000.
The altcoins, or alternative cryptocurrencies, have also suffered as a result, causing a significant decline in the total market cap. Within just 2-3 days, the market cap has decreased by over $40 billion.
BTC Slumps to $27K
Last Thursday, bitcoin faced rejection at the $28,000 mark. This rejection caused the price to plummet to $27,200 on Friday. However, the bulls managed to regain control on Saturday and pushed the price back up over $28,000.
Unfortunately, this upward momentum was short-lived, and bitcoin retraced back under $28,000 over the weekend. The lack of volatility continued into Monday, but the cryptocurrency started to lose ground later in the day.
Despite bouncing back to around $27,500, bitcoin experienced a significant drop in the past 24 hours, reaching a 10-day low of $27,000. Currently, the price remains at this level, and the market cap has fallen below $530 billion. However, bitcoin’s dominance over other cryptocurrencies remains high at over 50% on CoinMarketCap.
Alts Buried in Red
While bitcoin’s decline is significant, the alternative coins have suffered even more. Ethereum, which was trading close to $1,700 earlier this week, has dropped to $1,550 after a 2% daily decline.
Binance Coin is also on the verge of breaking below $200, following a more modest 1.5% daily drop. Ripple’s native cryptocurrency, XRP, has plummeted below $0.5, losing over 3% of its value in the past 24 hours.
Other prominent altcoins such as Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also experiencing significant losses.
Further losses can be observed in Avalanche and Cosmos, with both coins down by over 5% to $9.3 and $6.6, respectively.
Total Market Cap Takes a Hit
The overall crypto market cap has seen a $40 billion decline since the beginning of the business week and is currently standing at $1.050 trillion on CoinMarketCap.
Despite the recent market downturn, the cryptocurrency market remains highly volatile, with prices constantly fluctuating. Investors are advised to conduct their own research and exercise caution when making investment decisions.
Disclaimer: The information provided in this article is based on publicly available sources and does not constitute financial advice. Investors should carefully consider their own investment objectives and risk tolerance before making any investment decisions. CryptoPotato does not endorse or recommend any specific investments.