After failing to overcome $44,000 decisively, bitcoin has retraced once again to around $42,000. Most alternative coins have also bled in the past 24 hours, with Ethereum struggling well below $ 3,000.
Bitcoin drops to $ 42,000
The past several days have been quite volatile for the primary cryptocurrency. It had just recovered from the drop below $ 40,000 and hit $ 45,000 on Friday when a new set of Chinese FUDs pushed it south once again. Within minutes, BTC fell by $ 4,000.
The weekend started on a more positive note, and bitcoin bounced off to $43,000. However, Sunday began with a massive drop to $ 40,500 before a sudden surge in prices pushed the asset above $ 43,000.
The bulls drove it a step further on Monday, as reported, and BTC tapped a three-day high of $44,300. However, it didn’t stay there and began to gradually lose value in the hours that followed.
As of now, BTC has dropped below $42,000 once more, and its market capitalization stands beneath $800 billion.
Altcoins covered in red
As usually happens when BTC heads south, most altcoins follow suit. Ethereum leads the adverse trend with a 6.5% drop. Just a few days ago, ETH was well above $3,100, but it’s now down to approximately $2,900.
The rest of the larger cap alts are in a similar situation. These include Cardano (-5%), Binance Coin (-5%), Ripple (-4%), Solana (-3%), Polkadot (-7%), Dogecoin (-3%), Avax (-3.5%), Luna (-3%), and Uniwap (-5%).
Even more losses are evident for low and mid cap alternative coins. Perpetual Protocol has dropped the most in a day (-15%) to $15. Celer Network (-12%), Arweave (-11%), Curve DAO Token (-10%), ICON (-10%), SushiSwap (-10%), Hedera Hashgraph (-10%), Aave (-10 %), and Algorand (-10%) follow.
As such, the cumulative market capitalization of all cryptocurrency assets has declined by $100 billion from yesterday’s peak to $1.850 billion.
