After several consecutive days of riding high, bitcoin has reversed its trajectory and lost more than $4,000 of value. Most alternative coins have followed suit, with the total cryptocurrency market cap dropping by about $100 billion since Sunday.

Bitcoin Slides to $38K

Following the Friday retracement to $38,300, bitcoin went on a tear during the weekend and went to $42,400 first before initiating another leg up to $42,600. The latter became BTC’s highest price tag since the mid-May crash.

At this time, the asset had added about $13,000 of value since July 20th. However, the bears regained control and pushed it south. Firstly, bitcoin dipped below $40,000 as reported yesterday, but that was not the end.

Since then, BTC kept declining and earlier today dropped to $38,000 (on Bitstamp), which became its lowest level since July 27th.

As such, the cryptocurrency’s market capitalization has decreased to about $720 billion after touching $800 billion on Sunday. Its market dominance has remained above 46%, as most of the altcoins are in the red as well.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Bleed Out Too

The alternative coins enjoyed the weekend as well but are in red for a second consecutive day. Ethereum went to a new seven-week high of $2,700 but has lost over $200 of value since then. As a result, ETH currently stands below $2,500.

Binance Coin also performed rather well and touched $340. As of now, though, BNB is down to $320 after another 4% decrease on a 24-hour scale.

Cardano (-3.5%), Dogecoin (-4.4%), Bitcoin Cash (-3%), and Litecoin (-5%) are also in the red. Furthermore, Ripple (-5.5%), Polkadot (-6.2%), and Uniswap (-6.2%) have lost even more value since yesterday. Chainlink is the only larger-cap alt that has remained at the same level.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Decred leads the adverse trend from the lower-cap altcoins with an 11% slump to $130. Telcoin (-10%), Amp (-9%), DigiByte (-9%), Siacoin (-8%), and XDC (-7%) are next.

Although some tokens, like VGX, STX, RUNE, and EGLD, are in the green, the total crypto market cap has suffered in the past few days. The metric has lost more than $100 billion in this timeframe and is down to $1.550T now.


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.


Source link