After charting a new 11-week high above $42,600, bitcoin has cooled off slightly by retracing to around $40,000. Most altcoins have also calmed since the weekend, with ETH down to $2,600 and BNB dipping beneath $340.
Bitcoin Slides 6% Since the Weekend Top
The primary cryptocurrency went on a roll during the weekend after the brief drop to $38,300 on Friday. As Saturday entered, though, it charted an impressive candle in which it added roughly $4,000 of value to $42,400.
Despite retracing by several hundred dollars in a few hours shortly after, the bulls kept pushing it north, and BTC spiked above $42,600. This became its highest price tag since the mid-May market crash.
However, the asset failed to continue upwards and dropped to $39,200 earlier today. Despite bouncing off since then, bitcoin still trades below $40,000 and is still about 6% down since the most recent top.
Nevertheless, BTC is up by more than $10,000 in the past two weeks, and on-chain data suggests that its longer-term metrics are still bullish. Moreover, the creator of the popular Stock-to-Flow model asserted that the cryptocurrency has performed “like clockwork” after the sub-$30,000 drop.
Altcoins See Red
The alternative coins enjoyed the past few days as well registering multi-week records of their own. Ethereum went as high as $2,700 but has decreased by about $100 since then and currently sits around $2,600.
Binance Coin, which jumped to nearly $350, is down by more than 2% on a 24-hour scale to $335. Cardano (-2.3%), Ripple (-2%), Dogecoin (-3%), Bitcoin Cash (-1.3%), Chainlink (-2.5%), and Litecoin (-3%) have also declined in value in a day.
Apart from Bitcoin Gold (10%), and Luna (9%), most other lower- and mid-cap alternative coins are in red as well. Siacoin leads the adverse trend with a 14% drop to $0.016.
IOTA (-9%), Decred (-8%), OKB (-7%), Basic Attention Token (-7%), ICON (-7%), and AMP (-6%) are next.
The cumulative market cap of all cryptocurrency assets is down by approximately $50 billion in a day, but it’s still over $1.6 trillion.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.