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Bitcoin attempted another breakout above $46,000 but was rejected once more and has lost $2,000 since then. Most altcoins also bleed out, including massive drops from the high-flyers Solana and Terra.

Bitcoin Fails at $46K

A lot can change in the volatile crypto market in a week. Last Monday, bitcoin was aiming high as it stood confidently above $50,000. It went even further and touched $53,000 for a new multi-month high before a sudden crash drove it south by $10,000.

Since then, it has struggled to recover despite bouncing off to around $46,000 initially. It consolidated around that level for a few days and even attempted to break out yesterday.

However, the bears intercepted the move at the daily high of $46,500. They pushed the asset down once more, and BTC has lost more than $2,000 since then. As of now, the primary cryptocurrency is down to just over $44,000.

Its market capitalization has dipped to $840 billion, but its dominance over the altcoins has increased to 41.5%, as most are deeper in red.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Blood on Alt Street

The alternative coins are in even worse shape than their leader. Ethereum has lost another sizeable chunk of value (7%) in a day and currently stands below $3,200. It’s worth noting that the second-largest cryptocurrency spiked above $4,000 roughly ten days ago.

Cardano, whose network went through the long-anticipated hard fork just hours ago, has dumped by a double-digit percentage. This “sell the news” effect has driven ADA to around $2.3.

Binance Coin (-5%) has slid beneath $400, Ripple (-5%) is close to breaking below $1 – Dogecoin, Litecoin, Bitcoin Cash, and Chainlink have marked similar losses in a day.

Solana and Terra – two of the best performers lately – have dumped by 16% and 20%, respectively. SOL sits at $150, while LUNA is down to $35.

Polkadot is the only larger-cap altcoin in green as it has increased by 5% to above $33.

Cryptocurrency Market Overview. Source: Quantify Crypto

 

Even more double-digit losses are evident from Avalanche (-18%), Fantom (-15%), Celo (-14%), Arweave (-13%), NEAR Protocol (-12%), Revain (-10%), and Mina (-10%).

The cryptocurrency market cap has lost another $110 billion in a day and is down to $2 trillion now.

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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