Bitcoin’s adventure above $32,000 was short-lived as the asset fell by a few thousand dollars and dipped below $30,000. The altcoins are also covered in red today, with ETH sliding to $1,800 and SOL dumping hard following the latest network issues.
Bitcoin fell below $30,000
After weeks of not being able to decisively break above $30,000, bitcoin finally did just a few days ago when it hit a local high of over $32,000. Yesterday also saw another minor high and when the community expected further price increases, the bears recalled their presence and dominance in the market.
In a matter of hours, BTC slumped by nearly $3,000 and dropped to just over $29,000. Somewhat expectedly, this enhanced volatility caused massive pain for over-leveraged traders, as the liquidations were above $500 million (on a 24-hour scale) at one point.
As of now, the cryptocurrency has regained some traction and is near the coveted $30,000 line. Nonetheless, its market capitalization has fallen well below $600 billion, but its dominance over altcoins sits north of 46%.
Alts See Dark Red
The altcoins followed BTC on its way up, but most have turned red today with substantial losses. Ethereum leads this adverse trend with a 5.5% daily decline. As a result, the second-largest cryptocurrency has dropped to just over $1,800 after nearing $2,000 yesterday.
BNB is poised to break below $300 after a similar price drop. Cardano, Ripple, Dogecoin, Tron and Shiba Inu were also down as much as 6%, while Polkadot and Avalanche were down over 8% in one day.
However, the most substantial loser now is Solana. SOL has plummeted by over 11% on a 24-hour scale following the latest network issues that CryptoPotato reported yesterday.
With both small and mid-cap alts also in the red, it’s no surprise that the overall crypto market cap is down $70 billion to less than $1.25 trillion.
