As Bitcoin fell to below $39,000 per month, the crypto market cap dropped by approximately $80billion today.
Crypto markets today are experiencing another roller coaster ride, with bitcoin dropping below $40,000 while many other altcoins being dragged along. Ethereum has lost more than 5% of its worth to trade at $3,000 per coin. Others altcoins such as Terra, Ripple and Solana suffered significant price drops.
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Altcoins are Now Available in The Red Sea The Bitcoin Price Drops
Today is an interesting day for altcoins, as there have been very little or no significant price movements over the past week. Market conditions have been turbulent and the market is swinging around throughout the day. Altcoins have been registering in red since the beginning of the day.
Ethereum prices have continued to fall, falling below $3k now for the third month. Other coins are following the cryptocurrency’s lead and have fallen by nearly 5%.
After experiencing a 3.5% drop in price over the past 24 hours, Binance failed to retain its current position of $400. As of Sunday night, prices had risen to close to $420 for the cryptocurrency.
Cardano saw a decrease of 7% and Ripple, a decrease of 6% respectively. Another notable token is the Shiba Inu which saw a drop of 6% in value, Polkadot that experienced a decrease of 7% over 24 hours and Dogecoin dropping by 6%.
Today’s cryptocurrency market is very rough. Many coins have lost 10% or more. KNC (-11%) Filecoin, ZILIQA, and Filecoin are the largest losers. EOS and STEPN also lost 10% of value today.
Finally, the crypto market cap fell to $80 billion. It now stands at $1.8 trillion.
Bitcoin Drops to A Monthly Low
Bitcoin was in the news this week as its value fell to $45,000 from around $40,000. Over $40,000, the cryptocurrency was at its best for most of the night and even hit $41,000.
While bitcoin managed to hold its value above $40,000 through the weekend, bears came out of hiding and forced prices down below $40,000 twice in the past ten days.
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In today’s dump, Bitcoin fell by $38,600, the lowest price mark since March 16. Bitcoin is now up a couple hundred dollars, but it still has less than $750 billion in market capitalization.
Recently, the bitcoin price has been rising. However, a capitulation event, where traders are predicting a downward trajectory for the cryptocurrency’s value, could be brewing at any time.
Featured image taken from Pixabay.com, chart taken from Tradingview.com