After a few days of trading sideways without any substantial movements, bitcoin headed straight south, dipping toward $16,000.
Some alternative coins have declined even more on a daily scale, including Solana, Binance Coin, and the recent high-flyer Litecoin.
Bitcoin Breaks Lower
The primary cryptocurrency had an eventful working week in which it dropped to a two-year low of around $15,500. The bulls stepped up at this point and didn’t allow any further declines.
They helped BTC in reclaiming $16,000 and pushed it to almost $17,000 a few days later. However, the asset failed at that point, as with most previous attempts.
As such, bitcoin came back down to a familiar sight at $16,500 and froze there. The lack of substantial trading volumes during the weekend didn’t help, and BTC remained there for all of it.
As Monday started, though, the cryptocurrency began to fall, losing several hundred dollars in hours. BTC came close to breaking below $16,000 but has managed to sustain above that level, at least for now. Nevertheless, there’re warnings that bitcoin could further drop in value if miners are to capitulate soon.
Its market cap has gone down to $310 billion, but its dominance over the alts has taken a breather and is back up to 38%.
LTC, BNB, SOL Drop Hard
Most altcoins outperformed bitcoin in the past few days, but the landscape has changed now for some.
Binance Coin was among the best performers lately, charting a three-week high on Saturday. Now, though, BNB has declined by 6% and has slipped below $300.
Litecoin saw a six-month peak last week, but a 6.5% daily decrease has pushed it to $72. Solana, which has been among the poorest performers since the FTX fiasco unfolded, is down by 6% on the day and trades well below $14.
Ethereum has lost the $1,200 line after a 3.5% decline. Ripple, Dogecoin, Cardano, Polygon, Polkadot, Shiba Inu, and OKB are also well in the red, with losses of up to 5% on the day.
As a result, the crypto market cap has seen more than $20 billion evaporate in a day, and the metric is below $820 billion now.
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