Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
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
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.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.