After several days of silence, bitcoin took a turn for the worse, dropping to a weekly low below $16,000.
Altcoins are no better off, with ETH dumping below $1,100 for the first time in ten days.
Bitcoin slides further
After the previous week’s volatility caused by the FTX crash, bitcoin calmed down and hovered around $17,000 for several days. Origin even tried to lower this level on a few occasions but to no avail.
After the recent rejection on Friday, BTC stagnated for two full days, trading around $16,600. However, the landscape has changed in the last 24 hours as the bears have taken control of the market once again.
They pushed the primary cryptocurrency south and it fell below $16,000 for the first time in over a week. As of now, the asset is trading around that line again, but its market capitalization is agonizingly close to breaking below $300 billion. The only silver lining is that BTC’s market dominance has increased slightly to 38.7% as most of the altcoins have bled more.
The recent price declines come amid warnings that the cryptocurrency could drop to $9,500 if it were to repeat previous bear market cycles.
Altcoins Bleet Out for
As mentioned earlier, altcoins are in worse shape than Bitcoin today. The negative trend was led by Ethereum, which fell from over $1,200 to around $1,100 so far, after reports that drying up of FTX, which may be the Bahamas-based securities regulator, began moving funds.
Binance Coin is down by 5% over the past 24 hours and is struggling below $260. Ripple, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu are also in the red, with losses of up to 9%.
With some altcoins, such as Algorand, CHZ, and NEAR, dropping by double digits, it is no wonder that the cumulative market capitalization of all crypto assets has fallen below $800 billion. This means that the metric has seen more than $40 billion in movement per day.
Bitcoin Drops to Weekly Lows, Ethereum Dumps to $1.1K (Market Watch) first published on CryptoPotato.