Bitcoin’s situation took another turn for the worse in the past 24 hours as the asset slipped to $20,750.
Most altcoins are in a similar position this week, making it the worst performing trading one since the massive crash in mid-June.
Bitcoin Down 15% Weekly
A lot can change in the cryptocurrency markets within a week. Bitcoin, for instance, was riding high last weekend when it jumped above $25,000 on two separate occasions to mark new multi-month peaks.
While the bulls expected to remain in control and perhaps keep pushing the asset north, the landscape changed rather immediately, and BTC plummeted by over $1,000 in hours.
But that was just the start. Bitcoin attempted a brief recovery but was stopped at $24,400 and dumped by another grand in the following hours. More pain came a few days later when BTC slumped to $21,500 (on August 19).
Yesterday saw another price dump that drove the asset to $20,800 – a three-week low. BTC tried to recover some ground but dipped to that level in the following hours as well.
As of now, it stands around $21,000. This means that it’s roughly 15% down on the week, and its market cap is close to breaking below $400 billion.
Altcoins in Pain
As it typically happens when there’s extreme volatility with bitcoin, the alternative coins tend to go a step further.
Ethereum was among the best performers until last weekend. Perhaps fueled by hype regarding the upcoming Merge, ETH had skyrocketed to over $2,050, which became a 74-day high.
Now, though, the second-largest crypto struggles at $1,550 following several consecutive daily price drops. This means that ETH has lost $500 in a week.
On a daily scale, Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and Tron are also in the red from the larger-cap alts.
The lower- and mid-cap altcoins are in similar positions. As such, the overall crypto market cap is down by another $30 billion in a day and is close to breaking below the coveted $1 trillion mark. Just for reference, the metric stood at $1.2 trillion a week ago.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
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.
Credit: Source link
