Bitcoin’s adventure above $32,000 was short-lived as the asset fell by a few thousand dollars and dipped below $30,000. The altcoins are also covered in red today, with ETH sliding to $1,800 and SOL dumping hard following the latest network issues.
Bitcoin Dipped Below $30K
After weeks of being unable to overcome $30,000 decisively, bitcoin finally did so a few days ago when it spiked to a local peak of over $32,000. Yesterday saw another minor record as well and when the community expected more price increases, the bears reminded of their presence and dominance over the market.
In a matter of hours, BTC slumped by nearly $3,000 and dropped to just over $29,000. Somewhat expectedly, this enhanced volatility caused massive pain for over-leveraged traders, as the liquidations were above $500 million (on a 24-hour scale) at one point.
As of now, the cryptocurrency has regained some traction and stands close to the coveted $30,000 line. Nevertheless, its market capitalization has declined to well below $600 billion, but its dominance over the altcoins sits north of 46%.
Alts See Dark Red
The altcoins followed BTC on its way up, but most have turned red today with substantial losses. Ethereum leads this adverse trend with a 5.5% daily decline. As a result, the second-largest cryptocurrency has dropped to just over $1,800 after nearing $2,000 yesterday.
BNB is close to breaking below $300 following a similar price decline. Cardano, Ripple, Dogecoin, Tron, and Shiba Inu have decreased by up to 6% as well, while Polkadot and Avalanche are down by more than 8% in a day.
However, the most substantial loser now is Solana. SOL has plummeted by over 11% on a 24-hour scale following the latest network issues that CryptoPotato reported yesterday.
With the lower- and mid-cap alts also in the red, it’s no surprise that the overall crypto market cap is down by $70 billion to below $1.250 trillion.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.