Bears continue to pressure the cryptocurrency market with Bitcoin dropping below $40K for the first time in two weeks. Altcoins are also deep in the red once again, with Ethereum slipping below $2800 and prices dropping significantly from Solana, Avalanche, MATIC and others.
Bitcoin Struggling Around $40K
It was only three days ago when the scene around the biggest cryptocurrency sounded noticeably more optimistic. The asset had recovered from its recent lows to $42,000 and in fact a challenge $45,000, however, to no avail.
Bears are back on the scene and gradually pushing Bitcoin south to around $44,000 before this situation got worse On Thursday and Friday.
Within hours, bitcoin tumbled around $4,000, thus dropping below the January 2021 ATH of $42,000. Initially, the coveted mark of $40 thousand was maintained, but Bitcoin retracted after hours and dropped to $39,500 for the first time since early February.
As of now, Bitcoin has regained some ground and is at around $40K. However, its market capitalization has fallen to just over $750 billion, days after it approached $850 billion.
Altcoins when they collapse
Altcoins largely mimic the performance of BTC lately, which means that most of them are in the red today. Ethereum is a prime example. It stood above $3,200 earlier this week, but fell below $3,000 a day later, and now finds itself struggling under $2,800 after the 5% daily drop.
The prices of Solana, Avalanche, Sheba Inu and Matic fell by similar proportions since yesterday. This means that SOL is trading at $90, AVAX at $85, SHIB at $0.000028, and MATIC at $1.6.
Binance Coin, Ripple, Cardano, Polkadot and Dogecoin are also appearing in red on a daily scale.
With most of the low- and mid-volume alerts also suffering, the entire cryptocurrency market cap is somewhat expected to drop by another $50 billion since yesterday. The measure, which crossed $2 trillion just days ago, is now just over $1.8 trillion.
Special Offer (Sponsored)
Binance Free $100 (Exclusive): Use this link Sign up and get $100 for free and 10% off Binance Futures fees for the first month (Terms).
PrimeXBT Special Offer: Use this link To register and enter the code POTATO50 to receive up to $7,000 on your deposit.
Disclaimer: The information in CryptoPotato is that of the quoted authors. It does not represent the opinions of CryptoPotato regarding buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use of the information provided is at your own risk. See disclaimer for more information.
Cryptocurrency Schemes by TradingView.
