Saturday , July 20 2024
Home / Altcoins / Bloody Weekend Watch: BTC Fights for $40K, ETH Dumps Below $2.8K

Bloody Weekend Watch: BTC Fights for $40K, ETH Dumps Below $2.8K

Summary:
The bears continue to put pressure on the crypto market as bitcoin dropped below ,000 for the first time in two weeks. The altcoins are also deep in red once again, with Ethereum sliding beneath ,800 and massive price drops from Solana, Avalanche, MATIC, and others. Bitcoin Struggles Around K It was just three days ago when the landscape around the largest cryptocurrency seemed significantly more bullish. The asset had recovered from its latest dips to ,000 and actually challenged ,000, however, to no avail. The bears came back to the scene and gradually pushed BTC south to around ,000 before the situation worsened on Thursday and Friday. In a matter of hours, bitcoin slid by around ,000, thus breaking below the January 2021 ATH of ,000. Initially,

Topics:
Jordan Lyanchev considers the following as important: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

This could be interesting, too:

Chayanika Deka writes Trump and Bitcoin: How Institutional Bets on 0K December Calls Could Shape the Market

Chayanika Deka writes Bybit Bitcoin and USDT Holdings Surge According to 12th Proof of Reserves Report

Andrew Throuvalas writes Bitcoin Rockets To ,400, Triggering 1 Million In Liquidations

Bhushan Akolkar writes 21,000 Bitcoin Options Set to Expire Today, What’s Next for BTC Price?

The bears continue to put pressure on the crypto market as bitcoin dropped below $40,000 for the first time in two weeks. The altcoins are also deep in red once again, with Ethereum sliding beneath $2,800 and massive price drops from Solana, Avalanche, MATIC, and others.

Bitcoin Struggles Around $40K

It was just three days ago when the landscape around the largest cryptocurrency seemed significantly more bullish. The asset had recovered from its latest dips to $42,000 and actually challenged $45,000, however, to no avail.

The bears came back to the scene and gradually pushed BTC south to around $44,000 before the situation worsened on Thursday and Friday.

In a matter of hours, bitcoin slid by around $4,000, thus breaking below the January 2021 ATH of $42,000. Initially, the coveted $40,000 mark maintained but BTC dumped below it hours later and went all the way down to $39,500 for the first time since early February.

As of now, bitcoin has reclaimed some ground and stands around $40,000. Nevertheless, its market capitalization has declined to just over $750 billion, days after nearing $850 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins on the Downfall

The alternative coins have largely mimicked BTC’s performance lately, meaning that most are deep in red today. Ethereum is a prime example. It stood above $3,200 earlier this week, but it dropped below $3,000 days later and now finds itself struggling beneath $2,800 following another 5% daily nosedive.

Solana, Avalanche, Shiba Inu, and MATIC have declined by similar percentages since yesterday. This means that SOL trades at $90, AVAX is at $85, SHIB is at $0.000028, and MATIC is at $1.6.

Binance Coin, Ripple, Cardano, Polkadot, and Dogecoin are also in the red on a daily scale.

With most lower- and mid-cap alts also struggling, it’s somewhat expected that the entire crypto market cap is down by another $50 billion since yesterday. The metric, which stood above $2 trillion just days ago, is now at just over $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Leave a Reply

Your email address will not be published. Required fields are marked *