The price corrections in the cryptocurrency market continue as bitcoin failed to reclaim $50,000. Most altcoins are deep in red today, with Ethereum close to breaking below $4,000 and substantial drops from Solana, Ripple, Polkadot, Terra, Avalanche, and more.
Bitcoin failed at $ 50,000
It’s safe to say that the price of bitcoin has seen better days, not so long ago. On Friday alone, the cryptocurrency traded around $ 58,000 after another failed attempt to overcome resistance at $ 59,000.
This is where the situation changed for the worse as BTC plummeted firstly to $51,000 before another massive dump drove it to a two-month low of $42,000.
After this massive $ 16,000 crash, the asset rebounded and approached $ 50,000 as reported yesterday. He stayed there for a while but ultimately failed to win it over.
As a result, BTC has retraced now to around $48,000, and its market capitalization is down to just over $900 billion.
ALGO in green: all other variants are not
Alternative coins also fell hard on Saturday morning and attempted recovery sessions on Sunday. Today, however, most are in the red again.
Ethereum exceeded $4,300 briefly yesterday before another 4.5% decline now has driven the second-largest crypto to just over $4,000.
Binance Coin (-3%) is below $ 560 and the rest of the larger cap alts have lost even more value including Solana (-9%), Cardano (-5.5%), Ripple (-7 %), Polkadot (- 8%), Dogecoin (-6%) and Shiba Inu (-6.5%).
Terra, Avalanche, and CRO have dumped even more by double-digit percentages in a day. Algorand is the only larger-cap alt that it’s in the green today following a 3% increase.
More daily losses come from Kadena (-24%), Immutable X (-20%), Quant (-17%), Fantom (-16%), Harmony (-16%), THORChain (-15%), IoTeX (-15%), Helium (-15%), and many others.
The cryptocurrency market cap is down by $120 billion since yesterday and $400 billion since Friday to $2.2 trillion.
