Bitcoin continued with slight price declines over the past 24 hours, which led to a drop to a weekly low below $16,500.
Most altcoins also fall into the red, including the big losses from Solana and Terra Classic.
Bitcoin drops to weekly levels
The primary cryptocurrency had a quiet weekend, hovering around $16,800 without any movement in either direction. This closed the week at the same place it had been seven days earlier.
The beginning of the new week saw a slight move that pushed the asset close to $17,000, however, BTC failed before this level, as it has in the past several weeks.
The subsequent rejection pushed bitcoin south, culminating in a price drop below $16,500 for the first time in just over a week. This also came with MicroStrategy’s recent Bitcoin purchase.
Despite recovering around $100 from the intraday low, the cryptocurrency is still slightly in the red on the 24-hour scale.
Despite its market cap dropping to just under $320 billion, its dominance among altcoins remains above 40% on CoinMarketCap.
LUNC and SOL dump hard (again)
Terra Classic and Solana are among the poorest artists of recent times, which is somewhat surprising for the former. LUNC has seen several consecutive days of price gains, but the trend changed when Binance updated its burn mechanism.
Terra was dumped by double digits yesterday, while another daily drop of 8% pushed it to $0.00014.
SOL Struggling Since FTX, Alameda filed for bankruptcy. The past 24 hours have not been kind to the asset, as it dropped below $10 for the first time in a while.
Ripple, Cardano, and Litecoin are also well in the red from the larger alternatives. On the other hand, Ethereum, Binance Coin, OKB and Tron have small gains.
As such, it is not surprising that the cryptocurrency market cap is just under $800 billion.
After Terra Classic (LUNC) fell 8%, Bitcoin Drops to a Weekly Low (Market Watch) appeared for the first time on CryptoPotato.