After several days of gradual price declines, bitcoin took another sharp dive yesterday and fell below $40,000 for the first time in nearly a month. Most altcoins are also in the red today, with ETH sliding to (and beneath) $3,000, BNB below $400, and Cardano going under $1.
Bitcoin failed to decisively overcome $47,000 a week ago, and the bears took the opportunity to regain almost complete control over the market. In the following few days, they pushed the primary cryptocurrency firstly to $45,000 and then to $43,000, as reported last week.
But that was not all, as BTC’s price dives continued, and the asset lost the January 2021 ATH ($42,000) yesterday. While that was a concerning retracement of its own, the situation worsened in the following several hours.
The asset kept plunging in value and found itself around $40,000, which it quickly lost. In fact, bitcoin dipped to $39,200, which became its lowest price position in almost a month.
Since then, BTC has bounced off and added around $1,000. As a result, it now sits just above the coveted $40,000 mark, but its market capitalization has declined to $765 billion.
The altcoins have not enjoyed the past several days, either. Most went through notable retracements yesterday, and the situation now is quite dire as well.
Ethereum dropped below $3,000 for the first time in three weeks. Although the second-largest crypto now lies above that particular line, it’s still down more than 4% on a daily scale.
Binance Coin dipped beneath $400, but it now trades north of it. Ripple, Terra, Avalanche, Polkadot, Dogecoin, and Shiba Inu are down by up to 6%. So is Cardano, and ADA has dropped below $1.
Solana has lost the most from the larger-cap alts with a 7% daily decline. As such, SOL is slightly above $100. The landscape with the lower- and mid-cap altcoins is rather identical, and the total market cap is down by another $70 billion since yesterday. The metric has seen $300 billion evaporate in about a week.
