After the relatively positive Saturday, the bears have returned to the market and pushed bitcoin south to below $41,000. Alternative coins also suffered a lot, with ETH falling below $ 2,800.
Bitcoin Dumps Below $41K
It’s safe to say that the past few days didn’t go well for the primary cryptocurrency. The asset performed well until Friday, when a new set of Chinese ban statements pushed it south. In a matter of minutes, bitcoin plummeted from above $45,000 to below $41,000.
BTC used Saturday to reclaim some ground and topped $ 43,000. However, this endeavor was short-lived as it retraced beneath that level almost immediately.
It was trading around $ 42,000 for almost a day before the bears regained control a few minutes ago. This time, the cryptocurrency fell as low as $40,800. So far, it has bounced back and recovered a few hundred dollars, but it is still down around 1.3% on the day.
Bitcoin’s market capitalization had dropped beneath $800 billion again, but its dominance over the alts has neared 43% as most of them have suffered even more.
A sea of red on Altcoin Street
As mentioned above, the alternate coins are in an even worse condition than their leader. Ethereum has lost another 3% of value since yesterday and is well below $2,800. Cardano, the only larger cap altcoin in green yesterday, is down 5% today at $ 2.17.
Ripple and Dogecoin have marked similar losses. Binance Coin, Solana, Polkadot, Avalanche and Terra dumped even more in one day. As a result, BNB sits at $320, SOL at $126, DOT ($27%), AVAX ($63), and LUNA ($34).
Aside from Celer Network, which once again rose to double digits, most of the other low- and mid-cap alternatives have lost their blood. Huobi Token (-16%), Filecoin (-12%), Celo (-11%), Fantom (-11%), THORchain (-10%), and Arweave (-10%) are a few examples.
The crypto market cap is down nearly $ 100 billion in one day and $ 200 billion since Friday to $ 1.8 trillion.
