The last 24 hours have not been so supportive for the cryptocurrency market in general. The total capitalization is again below $2 trillion, with the price of bitcoin having fallen to a low of around $41,900 (on Bitstamp). The rest of the market is also in the red as Ethereum is currently trading below $3,000.
Bitcoin Price Dips Below $42K
The past couple of days have been a complete roller coaster on the cryptocurrency market and particularly when it comes to bitcoin’s price. Just two days ago, on February 10th, BTC was testing $46K when it got seriously rejected and has been falling ever since.
The price marked a few consecutive red candles after that and fell below $43,000 before managing to find some kind of relief and retrace towards $44,000. It wasn’t for nothing, however, as the bulls failed to sustain the momentum, leading to today’s decline.
Today, the price dipped below $42K, and even though it managed to recover a little bit since, BTC is down about 2% on the day at the time of this writing.
Overall, it’s been a very eventful week with huge volatility in the crypto and traditional markets, which remain highly correlated. The S&P 500 closed yesterday’s trading session 1.9% in the red, while the Dow Jones Industrial Average is down 1.4%.
Altcoins Suffer, Ethereum Price Below $3K
Altcoins didn’t have it any better, and, in fact, the majority of them are down even more than BTC in the past 24 hours. Ethereum, for instance, is trading below $3K, charting a decline of about 5% in the past day. BNB is hanging by a thread at the critical psychological and technical support at $400 and is down about 3.3% during the same time.
XRP was down 4.3%, ADA down 6.7%, SOL down 9.4%, while Luna was down 4% in one day.
The biggest gainer of the day is EGLD, that’s up 10%, while the coin that lost the most is KDA – down 17.6%, followed by Ethereum Classic (ETC), which is down 13%.
