The bears continue to have complete over the market as they pushed bitcoin to year another 18-month low of $17,500. The altcoins are in a state of despair as well, with ETH standing below $1,000 and BNB beneath $200.
Bitcoin’s Dominance Drops Hard
Last weekend started a massive price correction for bitcoin, which had dropped from $29,000 to $23,000 by Monday. The following several days brought little joy for the bulls as BTC continued to lose value and fell to $20,000 on a few occasions.
Although the bulls defended that level at first, it almost felt inevitable that it will give in. And it indeed did so on Saturday morning when the primary cryptocurrency plummeted below that coveted line and beneath the 2017 ATH.
The nosedives continued in the past 24 hours as BTC slumped to a new 18-month low of $17,500, resulting in over $600 million in liquidations on a daily scale.
After a brief pump towards $19,500, the cryptocurrency retraced once again and currently sits around $1,000 lower. Its market cap has taken another hit and is down to $350 billion now.
Even its dominance over the altcoins has been reduced a lot in the past week to under 43% now. Just for reference, it was at 47.5% on Monday.
BTCUSD . Source: TradingView
ETH Stuck Below $1K, BNB Beneath $200
Out of all alternative coins, Ethereum seems to be following BTC’s price trajectory the most in the past several days. The second-largest crypto has lost more than half of its value in just over a week and is down below $1,000 as of now. It even dipped towards $900 earlier today.
BNB is also under a round-numbered level – $200 – following another 3.5% daily decline. ADA is in the red as well as a 3% drop has pushed it to $0.45.
In contrast, a few larger-cap alts have shown early signs of minor recoveries. These are Solana, Polkadot, Dogecoin, and Litecoin, which are in the green on a 24-hour scale.
But with most other lower- and mid-cap altcoins in the red, the cumulative market cap of all cryptocurrencies has declined to $820 billion. This means that the metric has decreased by $80 billion in two days.
Cryptocurrency Market Overview. Source: Quantify Crypto