Bitcoin’s recent nosedives continued in the past 24 hours, and the asset slipped to a 17-day low of around $42,000. Most altcoins are also deep in the red, with the most losses coming from Terra, Solana, Avalanche, Cardano, and Dogecoin from the larger-cap ones.
Bitcoin tested $42,000
Just a few days ago, bitcoin was battling to reclaim $47,000 and broke that level twice within 48 hours. However, the bears came out of hiding and did not allow any further increases.
Both attempts were rejected rather rapidly, but the second one was met with a more violent correction. At first, BTC dumped to $45,000 before it went even further and slipped to $43,000, as reported yesterday.
It bounced off that line and climbed to $44,000, but that turned out to be a false breakout, and bitcoin headed south again. This culminated in a drop to just over 42,000 a few hours ago, which became BTC’s lowest price since March 23.
As of now, the cryptocurrency stands a few hundred dollars above that particular line, but its market capitalization is down to $800 billion.
Altcoins turn red
Similar to bitcoin, the altcoin space turned red today. Ethereum is among the more modest losers, dropping 1.5% on a daily scale. As such, the second largest cryptocurrency fell to $3,200. It should be noted that ETH hit a three-month high above $3,500 just a few days ago.
Binance Coin, Ripple, Polkadot, Shiba Inu, and CRO have slipped by less than 5%. In contrast, Cardano, Avalanche, and Dogecoin are down by more than 5% since yesterday.
Solana is down 9% and is struggling at $110 after failing at $130 earlier this week. Terra lost the most – over 10% in one day – and sits below $95. This comes after a $200 million token swap with Avalanche (AVAX).
The cryptocurrency market capitalization has lost $200 billion in four days. This means that the metric has dumped below the coveted $2 trillion line for the first time since late March.
