The past 24 hours brought even more pain to the cryptocurrency market, with bitcoin dumping to a monthly low of just over $27,000. However, the alternative coins suffer even more. ETH, for example, plummeted below $1,500 to the 2018 ATH levels.
Bitcoin goes back down
After a few brief and unsuccessful attempts to break above $32,000 last week, the major cryptocurrency began to gradually lose value. The latest rejection at this level took it down to $30,000, where the asset lasted for a few days.
The landscape changed on Friday when the US inflation numbers went out (8.6%). The 40-year-record brought enhanced volatility for BTC, which dropped to $29,000.
Nevertheless, the worst was yet to come as bitcoin started falling even more vigorously a few hours later. This peaked earlier today when BTC dropped to $27,200 (on Bitstamp) – the lowest price position seen in a month.
Consequently, bitcoin’s market capitalization is down to $520 billion. The silver lining for the BTC bulls is that the dominance over the altcoins is up to almost 48%.
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The aforementioned adverse price development has not deterred traditional hedge funds, as a recent report claimed that they continue to pump funds into the market.
deVere Group’s CEO is still bullish on bitcoin and believes the asset will skyrocket by the end of the year.
Alts in Deep Red
While bitcoin is down around 5-6% in the past 24 hours, most altcoins are down double digits.
Ethereum is among the most substantial losers. ETH is down by more than $200 in the past 24 hours and over $500 in a week. It not only dropped below $1,500, but it has declined to the 2018 all-time high levels of around $1,450.
BNB (-12%), ADA (-15%), XRP (-11%), SOL (-14%), DOGE (-14%), DOT (-14%) and Avalanche (-20%) are also deep into the red of larger-cap alts. TRON took this retracement with a little less pain – a more modest decline of 7%. With the lower- and mid-cap alts in similar or worse positions, the total crypto market cap has dumped by another $100 billion in a day. The metric is down by $200 billion in a few days and is under $1.1 trillion now.
