BTC price has dropped further in the last 24 hours, dipping below $28,000 for the first time since April 9.
Altcoins are also in severe trouble. In the last two days, the overall market capitalization has dropped by nearly $90 billion.
BTC falls below $28,000
During the weekend, Bitcoin traded sideways, and it wasn’t until Tuesday that it finally made a move, falling by a grand to $29,100.
The bulls, however, immediately intercepted the move and pushed the asset north, allowing it to retake the coveted $30,000 line.
However, the landscape began to shift immediately after, as BTC dropped by a grand in minutes. That was only the beginning, as the bears drove it even further south in the last 24 hours. As a result, the price of gold fell below $28,000 for the first time in nearly two weeks.
Despite a few hundred dollars recovered since then, BTC is still struggling to keep $28,000. It’s down about 3% on the day and more than 8% on a weekly basis.
Its market capitalisation, which recently reached $600 billion, is presently much below $550 billion. Its dominance over altcoins has recovered some ground, but it is still less than 46%.
Alternates Turn Red
Most alternative coins, like bitcoin, have had a rough few days. Following the Shapella update last week, Ethereum reached an 11-month high, but has subsequently lost more than $200.
As a result, the second-largest cryptocurrency is currently struggling to maintain its position over $1,900.
Ripple, Cardano, Polygon, Solana, Polkadot, Litecoin, Shiba Inu, and Avalanche are also struggling, with daily losses of up to 5%.
Dogecoin has dropped the most (-8.5%), maybe because to its association with Elon Musk. Starship’s latest rocket detonated shortly after launch, as was revealed yesterday.
With ICP, NEAR, GRT, and numerous more mid- and lower-cap alts suffering significant losses, the total crypto market cap has fallen below $1.2 trillion. This translates to a $90 billion loss in the last two days for the metric.
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