While BTC struggled with $ 23,000, altcoins suffered serious losses. The cumulative market capitalization of cryptocurrency assets lost more than $ 40 billion in one day.
Bitcoin’s last roller coaster continued with a $ 1,000 move in the last 24 hours before settling around $ 23,000. However, we can say that the entire altcoin market has been bleeding due to the constant decline of Ripple. Therefore, the dominance of BTC also increased rapidly.
Bitcoin’s 24-Hour Wild Journey
The past few days have been a particularly volatile process for the cryptocurrency giant. Just a few days ago, BTC rose to an all-time high of $ 24,300 and then fell more than $ 2,000.
Bitcoin recovered most of the losses fairly quickly, and even made several breakouts over $ 24K. However, the bears intervened and did not allow re-recording.
If there is another price breakout, technical indicators think BTC can rely on support levels of $ 22,700, $ 22,500 and $ 22,000. If BTC continues its bull run, the key resistance line of $ 24k will be the first major hurdle.
Altcoins Are Losing Blood
We can safely say that alternative coins are seeing safer days, as most of them have experienced significant depreciation for several days in a row.
After the SEC filed charges against the payment processor, the value of the native token XRP is drastically falling. Most altcoins also seem to be negatively affected by this situation.
Ethereum dipped 6% to $ 575, Bitcoin Cash dipped -10% to $ 275, Binance Coin dipped -7% to $ 31, Polkadot -4.5% to well below $ 5 and Litecoin 7% to over $ 100. struggling to stay.
Apart from XRP, Chainlink and Cardano also dropped by double digits in one day. ADA is at -11% to $ 0.135, while LINK is fighting to stay above $ 10 at -17%.
As a result, the cumulative market capitalization of all cryptocurrency assets has lost over $ 40 billion in one day and over $ 60 billion since Sunday.
With BTC’s relatively moderate price drop, altcoins turned red, but Bitcoin’s dominance over the market rose to over 69%.