Bitcoin’s troubles have only intensified over the past 24 hours as the asset once again fell a few thousand dollars to a 16-day low of $38,000. Altcoins are also in the red, with Ethereum at $2,600, Cardano well below $1, and AVAX below $80.
Bitcoin Dumps Again
It’s safe to say that bitcoin has seen better days which weren’t all that long ago. Just on Tuesday and Wednesday, the cryptocurrency recovered from its latest dump to $42,000 and jumped to nearly $45,000.
However, he did not continue to rise when the bears came out to play. Within hours, they pushed the asset south and BTC struggled to stay above $40,000.
Although initially it managed to maintain that level, the bears kept the pressure on and drove it below it for the first time since early February, as reported yesterday. The landscape worsened in the following hours, and bitcoin dropped to just over $38,000, which became the new lowest two-week price point.
Thus, bitcoin’s market capitalization fell to $725 billion after approaching $850 billion a few days ago.
Altcoins Bleed Out
The alternative coins suffered yesterday, and the trend continues today. Ethereum has dropped by another 6.5% on a daily scale and struggles to remain above $2,600. It’s worth noting that the second-largest cryptocurrency stood above $3,200 earlier this week.
The situation with the rest of the larger cap alts is somewhat similar. Binance Coin slipped below $380 after falling 6.5%, Cardano is trading below $1 after falling 7%, and Avalanche is below $80 after falling 8%.
Solana, Terra, Polkadot, Dogecoin, MATIC, and CRO are deep in the red as well, while Shiba Inu has lost the most (-11.5%) and sits at $0.000025.
Most small- and mid-cap altcoins are in even worse shape, led by double-digit losses from BitTorrent (-16%), Frax Share (-13%), Gala (-11%), Radix (-11 %), Harmony (-11%) and Helium (-10%).
Consequently, the crypto market cap is down by almost $100 billion in a day to just over $1.7 trillion.
