Terra Classic (LUNC) Drops 8%, Bitcoin Dips to Weekly Lows (Market Watch)

Time Stamp: December 29, 2022 4:53 AM

Bitcoin continued with minor price declines in the past 24 hours, resulting in a dip to a weekly low of under $16,500.

Most altcoins are also in the red, including substantial losses from Solana and Terra Classic.

Bitcoin Dropped to Weekly Lows

The primary cryptocurrency had a calm weekend, in which it stood at around $16,800 without any movements in either direction. This resulted in closing the week at precisely the same spot it was seven days ago.

The start of the new week saw a minor leg-up that drove the asset to almost $17,000. Nevertheless, BTC failed ahead of that level, as it has been doing for the past several weeks.

The subsequent rejection pushed bitcoin south, culminating in a price dip below $16,500 for the first time in just over a week. This came even with MicroStrategy’s latest BTC purchase.

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Despite reclaiming around $100 since that intraday low, the cryptocurrency is still slightly in the red on a 24-hour scale.

Although its market cap has slipped to just under $320 billion, its dominance over the altcoins has remained inches above 40% on CoinMarketCap.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LUNC and SOL Dump Hard (Again)

Terra Classic and Solana are among the poorest performers in the past few days, which is somewhat surprising for the former. LUNC had several consecutive days of price gains, but the trend changed when Binance updated its burning mechanism.

Terra dumped by double digits yesterday, while another 8% daily decline has pushed it down to $0.00014.

SOL has struggled ever since FTX, Alameda filed for bankruptcy. The past 24 hours were not kind to the asset, as it has dumped below $10 for the first time in a while.

Ripple, Cardano, and Litecoin are also well in the red from the larger-cap alts. In contrast, Ethereum, Binance Coin, OKB, and Tron are with insignificant gains.

As such, it’s no surprise that the crypto market cap has remained just under $800 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.

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