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 Most altcoins have withdrawn in a similar fashion, with a few exceptions.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 CryptoOverview 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.

SPECIAL OFFER (sponsored)
Binance Futures 50 USDT FREE Coupon: Use this link to register and get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to get 50% free bonus on every deposit up to 1 BTC.

Disclaimer: The information found on CryptoPotato is that of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold investments. It is recommended that you do your own research before making any investment decisions. Use the information provided at your own risk. For more information, see Disclaimer.

TradingView’s cryptocurrency charts.


Please enter your comment!
Please enter your name here