Just a day after it soared above $40,000, bitcoin reversed its trajectory and dumped to a six-week low beneath $38,000. The altcoins are also deep in the red, with Dogecoin losing all recent gains that came out of the Elon Musk-Twitter saga.
Bitcoin’s New Drop
After several consecutive days of price falls, bitcoin finally initiated an impressive leg up that brought it up by almost $3,000. In just a day, the asset went from $38,000 to just under $41,000. This came after last week’s rejection at $43,000 that returned the control over the market to the bears.
BTC even challenged $41,000 yesterday, but to no avail – just the opposite. It failed to breach it, and the subsequent rejection drove it south hard. In a matter of hours, bitcoin lost all of its daily gains, but this time, it kept dumping.
As a result, the cryptocurrency fell below $38,000 for the first time since mid-March. It reacted somewhat positively to this drop and now sits around $1,000 higher. Nevertheless, its market capitalization has dumped below $750 billion.
Alts See Red
The altcoin market registered impressive gains yesterday, but, similar to bitcoin, it has turned red now.
Ethereum spiked above $3,000 a few days after dropping below that level. However, this was short-lived as ETH now trades at $2,900 after another 3.5% daily decline. Binance Coin is below $400, following a 2% decline.
Solana stands at $100, but it’s also slightly in the red. Ripple, Terra, Cardano, Polkadot, and Shiba Inu have all lost some traction as well.
Dogecoin has dropped the most (12%) to below $0.15. However, it’s worth noting that DOGE spiked by double-digits when news broke that Twitter had accepted Elon Musk’s offer.
Overall, the crypto market cap has seen about $100 billion evaporate in a day and is down to $1.8 trillion.
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