The adverse price developments continued in the past 24 hours, and bitcoin dropped below $40,000 for the second time this week. The alternative coins are also well in the red, at least most of them, but ApeCoin has defied the market sentiment and soared by double-digits.
Bitcoin lost $40,000
Just a few days ago, the major cryptocurrency hit nearly $43,000, which became its highest price in more than ten days. It was a particularly impressive price because earlier this week the asset had fallen to a monthly low below $39,000.
However, BTC was violently rejected at its local peak and reversed its trajectory almost immediately. In a matter of hours, the asset found itself dropping to $40,000, where it stood for most of the day.
The landscape deteriorated in the hours that followed and bitcoin fell below the coveted level and fell to around $39,000. So far it’s gotten back a few hundred dollars, but it’s still under $40,000.
Consequently, bitcoin’s market capitalization has taken another hit and is down to $750 billion after briefly exceeding $800 billion earlier this week.
ETH below $3,000, ApeCoin soars
The recent performance of altcoins largely resembles that of BTC, which means that most are covered in red on a daily scale.
Ethereum marked a multi-day high of its own at $3,200 on Wednesday/Thursday but failed to continue upwards. Yesterday, it dropped to $3,000 and now has dived below that level.
Binance Coin managed to stay above $400 even though BNB is down around 1.5% on the day.
Ripple, Solana, Terra, Cardano, Avalanche, Dogecoin, and Shiba Inu are also in the red from the larger-cap alts. Even more losses are evident from Decred (-13%), Theta Network (-11%), Covex Finance (-10%), THORChain (-8%), Polygon (-6%), and Secret (-6%).
ApeCoin is one of the few massive winners. The native BAYC token jumped 17% on a daily scale and is near its ATH.
Nevertheless, the cumulative market cap of all crypto assets is down by about $50 billion again.
