After another failure at $ 63,000, bitcoin has headed south and is about to test $ 60,000 again. Most alternative coins have also bled out in the past 24 hours, including a substantial drop for Dogecoin and Shiba Inu.
Will BTC retest $ 60,000?
The main cryptocurrency experienced a roller coaster on Thursday when it went from $ 61,500 to $ 56,500 in a matter of minutes. This came after recovering from the latest sub-$60,000 price slump.
However, the asset rebounded just as quickly and rose above $ 62,000 within minutes. Moreover, it kept climbing on Friday and Saturday morning to a high of $63,000.
However, the bears escalated at this point and started pushing the cryptocurrency south. In the following hours, BTC dropped to $61,000 before it initiated another leg up that was halted at $62,500.
The subsequent rejection caused more pain for its price, as BTC has lost around $ 2,000 since then. Bitcoin currently stands at just over $60,500 and could dip to $60,000 for another retest.
Its market cap has fallen to just under $ 1.150 billion, while altcoin dominance is 44%.
Altcoins in Red: More Losses for Meme Coins
Ethereum marked two consecutive all-time high records in the past few days, with the latest coming at $4,460 (on Bitstamp). However, the second largest crypto also started its gradual retracement and has been down $ 200 since then.
Binance Coin tapped a multi-month high above $530, but a minor decrease has driven BNB to $520.
More losses are evident from Cardano (-2%), Solana (-4%), Polkadot (-3%), Terra (-4.5%), Avalanche (-1.5%), and Chainlink (-2 , 5%), while Ripple is slightly in the green.
The two largest meme coins – Dogecoin and Shiba Inu – have registered the most significant price losses in a day. DOGE is down 7%, while SHIB is down 11%. However, CoinMarketCap still shows that SHIB is ahead of DOGE in terms of total market cap.
The metaverse mania accelerated by Mark Zuckerburg earlier this week continues to bring massive price gains for some representatives. Decentraland climbed 140% to $ 3.40, while The SandBox is up 70% to nearly $ 2.
Even more impressive surges come from Ankr, Horizen, Chiliz, Basic Attention Token, Audius, Enjin Coin, Zilliqa, and Zcash.
As such, the cryptocurrency’s market cap has remained at around $ 2.6 trillion, despite retracements of larger cap alts.
