Bitcoin (BTC) Loses $27K, Ethereum (ETH) Slips Below $1.6K (Market Watch)

After several days of trading above $27,000, bitcoin’s price took a turn for the worse and dropped below that level to a multi-day low.

Most alternative coins are also in the red, with ETH leading the pack as the second-largest crypto has slipped below $1,600.

BTC Beneath $27K

The past several days were quite positive for the primary cryptocurrency, especially after it bounced off from last week’s crash to under $25,000. It recovered more than a grand almost immediately and kept climbing during the business week.

The weekend was somewhat less volatile, but BTC still managed to poke its nose above $27,000. It failed there at first, but the bulls prepared for another charge that pushed bitcoin to a 20-day peak at $27,500 on Tuesday.

Nevertheless, the asset failed to continue upward and even remain at that point and retraced to $27,000 yesterday. The landscape worsened hours later when BTC dumped by several hundred dollars to a three-day low of $26,400.

It has managed to recover some ground since then but still trades way below $27,000. Its market cap has taken a slight hit and is down to $520 billion, and its dominance over the alts has retraced to 49.2%.

BTCUSD. Source: TradingView

ETH and Other Alts Retrace Too

Most alternative coins have followed BTC on its way south with minor daily declines. This includes the second-largest cryptocurrency, which has dropped beneath $1,600 after a 1.5% decrease.

Dogecoin, Cardano, Toncoin, Polkadot, Polygon, Bitcoin Cash, and Chainlink have all seen similar drops. Binance Coin and Solana are also in the red, albeit in a more modest fashion.

See also  Solana (SOL) 10x, Shiba Inu (SHIB) 30x, Retik Finance (RETIK) 50x: Expert Identifies 3 Altcoins That Will Make Millionaires in 2024

Ripple, Tron, and Litecoin are with insignificant gains, but XRP has managed to defend the $0.5 level, and LTC is still at $65.

The total crypto market cap, though, has seen about $10 billion gone in a day and is down to $1.060 trillion.

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

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 CRYPTOPOTATO50 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.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button