After flirting with $44,000 for a few days, bitcoin was violently rejected and dropped to a two-week low of around $40,000. The altcoins have also turned red with substantial price losses from Ethereum, Terra, Shiba Inu, MATIC, and others.
Bitcoin Dumps to $40K
The past several days were actually quite positive for the primary cryptocurrency. After dipping to the 50-day moving average and January 2021 ATH of $42,000 on Monday and Tuesday, the asset went on the offensive and surged to nearly $45,000.
As it happened during the previous attempt to decisively overcome that level, though, BTC reversed its trajectory and started to nosedive.
In a matter of hours, BTC dropped by several thousand dollars and went all the way down to just over $40,000 (on Bitstamp). This became the cryptocurrency’s lowest price point since February 4th.
This enhanced volatility caused pain for over-leveraged traders as the liquidations skyrocketed to about $300 million on a daily scale.
As of now, BTC stands around $41,000, but its market capitalization has dumped well beneath $800 billion.
Altcoins Turn Red Too
As it generally happens, the alternative coins are also deep in red in line with BTC’s price drops. Ethereum went above $3,200 just a few days ago but failed to continue upwards and headed south shortly after. The second-largest crypto struggled to remain above $3,000 yesterday and actually dumped beneath that level hours later. As of now, ETH stands at around $2,900.
Similar price declines are evident from Binance Coin, Ripple, Cardano, Solana, Avalanche, Polkadot, and Dogecoin. Terra (-8%), Shiba Inu (-5%), MATIC (-5%), CRO (-5%), and LTC (-5%) are even deeper in red.
More losses are evident from Aave (-8%), VeChain (-7%), Elrond (-7%), Monero (-6%), Fantom (-6%), Filecoin (-6%), and others.
The cumulative market cap of all crypto assets decreased by more than $130 billion in a day and is down to $1.850 trillion.
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
