After failing to reclaim $40,000, bitcoin took another hit and dumped once more to its lowest price point in over a month. The alternative coins are also in bad shape, with Ethereum sliding to $2,800, Solana breaking below $100, and many other examples.
Bitcoin Dumps to $38K
It’s safe to say that the past several days didn’t go all that well for the primary cryptocurrency. It all started on April 21 when the asset tried its hand at taking down $43,000 but failed in its tracks.
The subsequent rejection, propelled by the bears, pushed it south hard, and BTC found itself dipping to $40,000 hours later. However, that was not all as the adverse price developments continued.
As reported over the weekend, bitcoin slipped below $40,000 for the second time in a week. It tried to recover above that level but was rejected once more.
As such, it dropped to $39,000 before going further down to just over $38,000 a few hours back. This became its lowest price tag since March 15. As of now, it has reclaimed a few hundred dollars, but it’s still more than 3% down on the day.
Consequently, its market capitalization is down to $730 billion after touching $800 billion days ago.
BTCUSD. Source: TradingView
Altcoins in Deep Red
The altcoins went through a similar correction late last week before calming during the weekend. Today, though, the situation is quite dire, with red dominating almost all charts.
Ethereum lost the coveted $3,000 line several days ago and has been unable to reclaim it ever since. A 5% decrease on a daily scale has pushed the largest altcoin to around $2,800 as of now.
Binance Coin has lost a similar percentage in a day and is down to $385. Solana is below $100 after a 6% drop.
Ripple (-8%), Terra (-2.5%), Cardano (-7%), Polkadot (-9%), Avalanche (-7%), Dogecoin (-7.5%), Shiba Inu (-6.5%), and CRO (-5%) are also deep in the red.
The crypto market cap is down by about $80 billion in a day and struggles beneath $1.8 trillion.