After a few days of consolidation around $ 46,000, Bitcoin went south and fell below $ 45,000. Most altcoins have withdrawn in a similar fashion, with a few exceptions. LUNA is among those pumped in the double digits to hit a new ATH above $ 40.
Bitcoin is slipping below $ 45K
The primary cryptocurrency has had a tough week. As it prepared to become legal tender in El Salvador, its price hit a multi-month high of just over $ 53,000. However, shortly after it became official, BTC’s value plummeted.
In a matter of hours, it lost over $ 10,000 and bottomed out at $ 43,000. It bounced back to $ 46,000 a bit quickly and even challenged $ 47,000 a day later, but ultimately couldn’t go any further.
On the contrary, the bears pushed it south again in the past 24 hours and it fell to just over $ 44,000. So far it has rallied several thousand dollars but is still struggling below $ 45,000.
Bitcoin’s market cap has dropped below $ 850 billion, and its dominance over the altcoins is still at 41.5%.
BTCUSD. Source: TradingView
Altcoins are falling again; LUNA goes for an ATH
Most of the alternative coins have recently mimicked their leader’s feat. After the market crash in the middle of the week, Ethereum fell to around $ 3,000. It bounced off and rose over $ 3,500, but another drop in price drove it to around $ 3,250.
Cardano (-4%) has fallen below $ 2.4. Binance Coin, which was up over $ 500 just a few days ago, is now struggling to stay above $ 400. Solana – one of the top performers lately – lost 5% in one day and is now at $ 175.
Ripple (-4%), Dogecoin (-5%), Polkadot (-7.5%), Chainlink (-6.5%) and Bitcoin Cash (-5%) are also clearly in the red.
In contrast, Terra rose more than 25% in one day. As a result, LUNA hit a new all-time high of over $ 40 just a few hours ago.
Overview of the cryptocurrency market. Source: Quantify Crypto
Quant (27%), Elrond (22%), Avalanche (17%) and Raydium (10%) have also seen impressive gains in one day unlike the rest of the market. Even so, most of the low- and mid-cap alts are in red.
Double-digit losses can be seen at Celo, IOTA, Revain, eCash, Arweave, Perpetual Protocol and more. As a result, the cumulative market cap of all cryptocurrency investments has lost more than $ 120 billion in one day and is now just over $ 2 trillion.
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TradingView’s cryptocurrency charts.