The price of Bitcoin is heading down again toward a low of just over $37K, as on-chain data suggests that BTC whales have begun to sell off some of their holdings. The flagship currency is continuing to lose value with another price plunge to around $37K with all the other coins struggling to gain value.
Bitcoin Plunges as BTC Whales Sell Holdings
It can be said that just a few days ago, the situation of the digital asset was good and promising, as it was being traded above the levels of $40K for the very first time in just a month and even managed to rise above $41K. However, after touching these levels, the asset failed to maintain its streak of growth and began to lose traction.
Though it was witnessed that BTC bounced back to the level of $39K, the motion was set in reversed trajectory and the asset slipped below the level of $37K. Regardless of the fact that the price of BTC surged to a few hundred dollars since making the low, the market capitalization of Bitcoin is still struggling at the level of $700 billion.
However, even in these hard times, it should be noted that the market dominance of Bitcoin still stands strong at 45%.
Altcoins Affected by Bitcoin’s Fall
Following the fall in the price of BTC, the altcoins reacted and fell significantly, which led to losses for the investors. Ethereum, the second in line in terms of market capitalization, has notably lost around $300 since then, and at the time of writing this article, it is changing hands below the level of $2,300.
Binance Coin was also seen performing quite well just days ago but now, it is down to the area of $350 now. This is not the case with only these coins as the whole market is showing the color of the blood.
