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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
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.
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