After yesterday’s massacre, bitcoin slipped a bit more and fell to another multi-month low. Most altcoins are in a similar position, with Terra losing the most value on a daily scale. On the other hand, TRON, Algorand and Monero recorded impressive gains.
Bitcoin’s Latest Low
It’s safe to say that bitcoin has seen better days, which weren’t all that long ago. In fact, the cryptocurrency had spiked toward $40,000 earlier this week, after the latest FOMC meeting, in which the Fed said it will raise the interest rates by 50 basis points.
After failing at $40,000, BTC pulled back slightly but remained close to that level for the next 24 hours. However, this is where the situation got worse. In just a few hours, bitcoin fell over $4,000 and fell to a 10-week low of $35,600 (on Bitstamp).
It bounced off at first and regained around $1,000, but the bears kept their momentum going and pushed it south once more. Thus, BTC charted another multi-month low at $35,300.
At present, the asset is trading below $36,000 and its market capitalization has remained well below $700 billion.
LUNA’s Correction Continues
The alternative coins suffered just as badly as BTC yesterday, and the landscape for most today is somewhat identical.
Ethereum fell below $2,700 after another minor dip, Solana struggled to stay above $80, while Ripple, Cardano, Polkadot, and Avalanche also saw small daily declines.
Terra is the most significant loser from the larger-cap altcoins. LUNA has dumped by another 8% today and trades below $75.
Aside from Binance Coin, Dogecoin, and Shiba Inu, which are slightly in the green, TRON got the most out of the larger-cap alts. TRX is up more than 5% and sits above $0.08.
Algorand and Monero have also reacted well to yesterday’s bloodbath with increases of 8% and 6%, respectively.
The crypto market capitalization has lost around $30 billion more and is now below $1.650 billion.
