Bitcoin Reached a 3-Week Low as ETH Dips Beneath $1,900 (Market Watch)

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Bitcoin Reached a 3-Week Low as ETH Dips Beneath $1,900 (Market Watch)

The bears still have a tight grip on the market as bitcoin dropped to a three-week low of $31,000 while ETH is south of $1,900.

Aside from a brief spike of over $1,000, bitcoin’s struggles continue as the asset is still well below $32,000. The alternative coins have also lost some more steam, with ETH standing beneath $1,900 and BNB close to breaking below $300.

Bitcoin Dipped to a 3-Week Low

BTC’s hurdles continue ever since the asset failed to breach $35,000 earlier this week. The bears took control over the market at that point and kept pushing it south.

Initially, bitcoin decreased beneath $32,000. Despite bouncing off and reclaiming about a grand of value in the middle of the week, they kept the pressure on.

As a result, the cryptocurrency dropped yesterday to a critical level of $31,000. This became its lowest price point since June 27th.

At that time, though, reports emerged that Bank of America will start offering BTC futures trading for some of its clients. Shortly after, BTC’s price saw a sudden increase of over $1,000.

Yet, this brief burst of energy was short-lived as the asset retraced once again to its current level of below $32,000. Consequently, its market capitalization remains beneath $600 billion.

Altcoins Keep Bleeding; ETH Below $1.9K

The alternative coins have also suffered in the past several days. The largest one – Ethereum – lost a few milestones on its way down. It dropped below $2,000 yesterday, but it kept falling and is currently sitting beneath $1,900. Just for reference, ETH traded above $2,400 less than ten days ago.

Binance Coin has also lost some ground in a day, and a 3.5% decline has driven it to just over $300. Cardano, Ripple, Uniswap, Bitcoin Cash, and Litecoin have all decreased by a similar percentage since yesterday.

Dogecoin, Polkadot, and Solana have lost the most from the larger-cap altcoins. As a result, DOGE trades at $0.175, Polkadot is at just over $12, and Solana has broken below $27.

Cryptocurrency Market Overview. Source: Quantify Crypto

The situation with the lower- and mid-cap alts is rather similar. Axie Infinity, which was riding high until recently, has retraced by more than 15% in a day to around $20.

Stacks (-14%), BakeryToken (-13%), Flow (-12%), and THORChain (-10%) follow. However, it’s worth noting that the latter’s network was hacked yesterday, with estimations showing that up to $7.6 million were swiped.

Nevertheless, there’re a few impressive gainers – Basic Attention Token has surged by 15%, and NEM has added 12% of value.