Following the relatively calm weekend, bitcoin started to lose value gradually and dipped towards $20,000. Most altcoins are also in the red today, with the most notable drops coming from Solana, Avalanche, LEO, Matic, and Litecoin.
Bitcoin fell towards $20,000
The work week went pretty well for the major cryptocurrency, which overcame last weekend’s stalemate and reached and passed $20,000. Moreover, the asset hit a three-week high of around $22,500 on Thursday.
However, that was short-lived as BTC started retracing soon after. It fell by over $1,000 almost immediately, tried to bounce off, but was halted in its tracks. As such, it spent most of the weekend trading sideways in a range between $21,000 and $22,000.
As Sunday drew to a close, the cryptocurrency began losing value and fell below $21,000. Its plunge continued and bitcoin fell to a four-day low of just over $20,300.
As of now, it has sustained above $20,000, but it’s 4% down on the day, and its market capitalization has declined below $400 billion.
Altcoins in red
Alternate parts were also unusually quiet over the weekend, but most have turned red now.
Ethereum charted a multi-week high of its own at just under $1,300 several days ago. However, it started losing value shortly after and now struggles at $1,150.
BNB, Ripple, Cardano, Dogecoin, Polkadot, Shiba Inu and Tron have declined by similar percentages over the past 24 hours. The most notable losses come from Solana, Avalanche, LEO, MATIC and Litecoin. All are down 5-6%.
The situation with the lower- and mid-cap alts is grim as well. STEPN leads the adverse trend with a 12% daily retracement, followed by THORChain (-10%), Quant (-9%), Elrond (-9%), Enjin Coin (-8%), Celo (-8%), and others.
Ultimately, the cumulative market capitalization of all crypto assets has shrunk by $50 billion over the past two days and sits at just over $900 billion.
