The bears took over the cryptocurrency market as bitcoin dropped below $33,000, while ether dumped beneath $2,000 for the first time in over two weeks.
After failing to reach $35,000, bitcoin has headed south and lost around $2,000 of value in a day. Most alternative coins have mimicked their leaders’ performance with serious declines, including ETH, which even dipped below $2,000 for the first time since late June.
Bitcoin Drops Below $33K
Despite the minimal trading volume during the weekend, bitcoin actually added some value. The cryptocurrency went from about $33,000 to $34,000 on Sunday and kept going north yesterday, as reported.
This culminated in a daily high of just under $34,800. However, at this point, the bears stepped in and prevented any further advances.
In the following hours, BTC started declining in value and lost more than $2,000. As a result, it dropped to a low of around $32,600 (on Bitstamp).
Since then, it has bounced off and reclaimed $33,000, but it’s still more than 3% down on a 24-hour scale. Its market cap is back to $620 billion, while the dominance over the altcoins has increased slightly since yesterday to 45.5%.
This comes at a time when the network activity on Bitcoin’s blockchain has decreased substantially.
Altcoins in Red: ETH Dipped Below $2K
As it typically happens when BTC suddenly heads south, so have done the alternative coins. Ethereum is a prime example as it nosedived from $2,150 to $1,980 in a day. As such, the second-largest crypto broke below $2,000 for the first time in over two weeks.
Nevertheless, ETH has also reacted well since that drop and currently stands above that particular level.
Binance Coin, which recently went as high as $340, also fell hard as it dropped to just over $300. As of now, BNB stands at $315 after a 6% decline on a 24-hour scale.
Uniswap has lost the most from the top ten as a 8% drop has driven it below $20. Cardano (-3.5%), Ripple (-2.5%), Dogecoin (-5.5%), Polkadot (-6%), Bitcoin Cash (-4.5%), Litecoin (-4.5%), Solana (-5%), and Chainlink (-5%) are also deep in the red.
The situation with the lower- and mid-cap alts is quite similar. KuCoin Token leads the adverse trend with a 14% slump, followed by Telcoin (-13%), Mdex (-11%), THETA (-11%), ICP (-10%), and SushiSwap (-9%).
Although Axie Infinity and Revain have charted impressive gains since yesterday, the cumulative market cap of all digital assets has dropped by $60 billion in a day to well below $1.4 trillion.