The bears continue to have complete over the market as they pushed bitcoin to year another 18-month low of $17,500. The altcoins are in a state of despair as well, with ETH standing below $1,000 and BNB beneath $200.
Bitcoin dominance drops sharply
Last weekend began a massive correction in bitcoin prices, which fell from $29,000 to $23,000 on Monday. The following days brought little joy to the bulls as BTC continued to lose value and fell to $20,000 a few times.
Although the bulls defended that level at first, it almost felt inevitable that it will give in. And it indeed did so on Saturday morning when the primary cryptocurrency plummeted below that coveted line and beneath the 2017 ATH.
The dips continued over the past 24 hours as BTC crashed to a new 18-month low of $17,500, resulting in over $600 million in liquidations on a daily scale.
After a brief pump towards $19,500, the cryptocurrency retraced once again and currently sits around $1,000 lower. Its market cap has taken another hit and is down to $350 billion now.
Even its dominance over altcoins was drastically reduced last week to less than 43% now. Just for reference, it was at 47.5% on Monday.
ETH Stuck Below $1K, BNB Beneath $200
Out of all alternative coins, Ethereum seems to be following BTC’s price trajectory the most in the past several days. The second-largest crypto has lost more than half of its value in just over a week and is down below $1,000 as of now. It even dipped towards $900 earlier today.
BNB is also below a rounded level – $200 – after another 3.5% daily decline. ADA is in the red and a 3% drop pushed it to $0.45.
In contrast, a few larger-cap alts have shown early signs of minor recoveries. These are Solana, Polkadot, Dogecoin, and Litecoin, which are in the green on a 24-hour scale.
But with most other low- and mid-cap altcoins in the red, the combined market cap of all cryptocurrencies fell to $820 billion. This means the metric is down $80 billion in two days.
