After the relatively positive Saturday, the bears have returned to the market and pushed bitcoin south to below k. The alternative coins have also suffered badly, with ETH dropping beneath ,800. Update: shortly after the first publishing of this market update, Bitcoin managed to recover from the massive dump – which resulted in a current daily low of .8k, according to Bitstamp. The primary cryptocurrency saw a decent recovery: In less than one hour, BTC spiked almost k surpassing .7k. ETH climbed back towards the ,000 mark. Volatility at its best. BTC/USD, by TradingViewFirst Release: Bitcoin Dumps Below K As of Sep 26, 8:40 AM UTC It’s safe to say that the past few days didn’t go well for the primary cryptocurrency. The asset was performing well until
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After the relatively positive Saturday, the bears have returned to the market and pushed bitcoin south to below $41k. The alternative coins have also suffered badly, with ETH dropping beneath $2,800.
Update: shortly after the first publishing of this market update, Bitcoin managed to recover from the massive dump – which resulted in a current daily low of $40.8k, according to Bitstamp.
The primary cryptocurrency saw a decent recovery: In less than one hour, BTC spiked almost $3k surpassing $43.7k. ETH climbed back towards the $3,000 mark.
First Release: Bitcoin Dumps Below $41K
As of Sep 26, 8:40 AM UTC
It’s safe to say that the past few days didn’t go well for the primary cryptocurrency. The asset was performing well until Friday, when a new set of Chinese ban statements drove it south hard. In a matter of minutes, bitcoin plummeted from above $45,000 to below $41,000.
BTC used the Saturday to recover some ground and pushed above $43,000. However, this endeavor was short-lived as it retraced beneath that level almost immediately.
It traded around $42,000 for almost a day before the bears regained control once more minutes ago. This time, the cryptocurrency fell as low as $40,800. As of now, it has bounced off and recovered a few hundred dollars, but it’s still about 1.3% down 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 alternative coins are in even worse shape 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 by 5% today to $2.17.
Ripple and Dogecoin have marked similar losses. Binance Coin, Solana, Polkadot, Avalanche, and Terra have dumped even more in a day. As a result, BNB sits at $320, SOL at $126, DOT ($27%), AVAX ($63), and LUNA ($34).
Aside from Celer Network, which has spiked by double digits once again, most other lower- and mid-cap alts have bled out. Huobi Token (-16%), Filecoin (-12%), Celo (-11%), Fantom (-11%), THORchain (-10%), and Arweave (-10%) are a few examples.
The crypto market cap is down by nearly $100 billion in a day and $200 billion since Friday to $1.8 trillion.