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Bitcoin’s struggles continue as the asset dropped to a new 19-day low of just over $31,000. Most alternative coins suffer as well, with Ethereum (ETH) well below $2,000, DOGE dumping beneath $0.20, and Solana losing 8% of value in a day.

Bitcoin Close to Testing $31K

Ever since BTC failed to overtake $35,000 on Monday, the cryptocurrency’s price has struggled. In the following few days, it dumped by more than $2,000.

The situation worsened after the latest attempt to recover as it was rejected at $34,000. This time, the bears drove it to below $32,000, which became a two-week low.

In the past 24 hours, though, BTC registered another adverse record – this time, it’s a 19-day low of just over $31,000 (on Bitstamp). With this, the asset’s price has found itself in a critical area as the retail power seems missing.

Despite regaining a few hundred dollars since the low, the asset’s market capitalization is still below $600 billion.

At the same time, the market dominance has remained relatively high – at almost 46%, as the alternative coins are also well in the red.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Slides Below $2K as Alts Bleed

As it typically happens when BTC heads south, so have done the alternative coins. Ethereum had reclaimed $2,000 recently, but it went beneath that level once again in the past two days.

As of now, another 3% decline has driven the second-largest cryptocurrency even below $1,900. Cardano (-2.5%), Ripple (-1.5%), Bitcoin Cash (-1.5%), and Litecoin (-3%) have recorded minor losses.

However, Dogecoin (-5%), Polkadot (-6%), Uniswap (-5.5%), Solana (-8%), and Chainlink (-5.5%) are deeper in red.

Cryptocurrency Market Overview. Source: Quantify Crypto

 

Telcoin leads the adverse trend from the lower- and mid-cap altcoins with a 20% dump to $0.12. RUNE (-15%), Axie Infinity (-13%), Enjin Coin (-12%), Stacks (-11%), Decentraland (-11%), and Amp (-10%) follow suit.

The cumulative market capitalization of all cryptocurrency assets is down by more than $50 billion since yesterday and is just shy of $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. CryptosOnline.com 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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