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Bitcoin’s troubles continue in the past 24 hours, with another price slide to a low well beneath $32,000. The altcoins are deep in the red as well, with ETH and BNB trading below $2,000 and $300, respectively.

Bitcoin Drops Below $32K

Although the weekend saw minimal trading volume, the price of the primary cryptocurrency actually increased. It went from around $33,000 to a high of just shy of $35,000.

However, the bears regained control at this point and didn’t allow a potential breakout. Just the opposite, they pushed BTC south again, as reported yesterday.

Bitcoin dropped to $33,000, and even though it tried to bounce off, the situation has only worsened since then. The asset kept falling, broke below $32,000 for the first time since late June, and reached an intraday low of around $31,650 (on Bitstamp). This became its lowest price line in 17 days.

Despite regaining a few hundred dollars in the next few hours, BTC’s market capitalization had dumped below $600 billion, while the dominance has actually increased to 46% due to the bloodbath among altcoins.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Keep Bleeding: ETH at $1.9K

The alternative coins have suffered even more than their leader lately. Ethereum went as high as $2,450 about a week ago but has lost more than 20% of its value since then.

The second-largest crypto firstly broke beneath $2,000, but the bears kept the pressure on, and it’s now struggling to remain above $1,900.

Binance Coin has also lost a round-numbered milestone. A 6.5% decrease in 24 hours has driven it below $300. Just for reference, BNB reached a multi-week high at over $340 days ago.

The rest of the larger-cap altcoins are also deep in red. Those include Cardano (-7.5%), Ripple (-6%), Dogecoin (-5.5%), Polkadot (-9%), Bitcoin Cash (-6.5%), Litecoin (-5.5%), Solana (-8%), and Chainlink (-8%).

Furthermore, Uniswap has charted a double-digit price drop of -13%. As a result, UNI trades just over $17.

Cryptocurrency Market Overview. Source: Quantify Crypto

More losses come from Cosmos (-15%), Synthetix (-15%), Terra (-15%), Telcoin (-14%), Decentraland (-14%), Theta Fuel (-13%), Enjin Coin (-12%), THETA (-12%), IOTA (-12%), Sinacoin (-11%), and so on.

Ultimately, the cumulative market capitalization has declined by $80 billion in a day and more than $120 billion in two days to $1.3 trillion.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency



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