Altcoins Bleeding Out: Solana and LUNC Crash by Double Digits (Market Watch)

After bitcoin’s failure at $17,000 yesterday, the asset has retraced by a few hundred dollars and dipped toward $16,500 earlier today.

The altcoins have suffered even more, led by massive daily price declines from the likes of Solana and Terra Classic.

Altcoins in Red

Most alts were rather calm in the past few days, but that has changed on a daily scale now. Ethereum stood above $1,200 for about a week, but a 2% decline has pushed it to just under that level.

Ripple, Cardano, MATIC, Polkadot, Tron, Litecoin, and Shiba Inu have all retraced by up to 5% in a day. Dogecoin has seen a bigger price drop of 5.5%, and the first-ever memecoin is close to breaking below $0.07.

However, Solana’s price decline is the most substantial of the top 20 digital assets. SOL is down by over 10% in a day and dipped below $10 earlier.

LUNC has also gone down hard following a burning mechanism update from Binance. The asset was among the best performers in the past few days, but a 12% drop now has taken it down to $0.0002.

The crypto market cap has shed off $15 billion daily and has dipped below $800 billion on CoinMarketCap.

Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Stopped Ahead of $17K

Despite last week’s mid-week volatility, which saw BTC dropping to a three-week low of $16,300, the asset actually closed the seven-day period at precisely the same point it was the previous Monday.

With the start of the new one, bitcoin went on a minor offensive and came close to $17,000. However, the bears intercepted the move as they have been doing for weeks now and pushed the asset south.

This resulted in a price decline to $16,550. BTC has reclaimed a few hundred dollars since then, but it’s still over 1% down on the day.

Its market capitalization has slipped to $320 billion, but its dominance over the altcoins is up to 40.1% as they have bled out more.