Bears continue to put pressure on the cryptocurrency market as bitcoin dips below $40,000 for the first time in two weeks. The altcoins have also turned red once again, with Ethereum sliding below $2,800 and massive price drops from Solana, Avalanche, MATIC, and others.
Bitcoin Struggles Around $40K
It was just three days ago when the landscape around the biggest cryptocurrency looked quite bullish. The asset had recovered from its latest drop to $42,000 and actually challenged $45,000, however, to no avail.
The bears came back into view on Thursday and Friday before the situation worsened and slowly pushed BTC south to around $44,000.
In a matter of hours, bitcoin fell by almost $4,000, thus breaking below the January 2021 ATH of $42,000. Initially, the coveted $40,000 mark remained, but BTC dropped below it hours later and went down to $39,500 for the first time since the beginning of February.
So far, bitcoin has gained some ground and is around $40,000. Nevertheless, its market capitalization has dwindled to $750 billion just days after approaching $850 billion.
altcoin on the decline
Alternative coins have largely mimicked the performance of BTC lately, which means that most are deep in the red today. Ethereum is a prime example. It was above $3,200 earlier this week, but it fell below $3,000 a day later and is now struggling below $2,800 after a 5% daily drop.
Solana, Avalanche, Shiba Inu and Matic have declined the same percentage since yesterday. This means that SOL trades at $90, AVAX at $85, SHIB at $0.00028 and MATIC at $1.6.
Binance Coin, Ripple, Cardano, Polkadot, and Dogecoin are also in the red on the daily scale.
Most of the lower- and mid-cap alts are also struggling, with it somewhat expected that the overall crypto market cap has declined by $50 billion since yesterday. The metric, which was above $2 trillion a few days ago, is now just over $1.8 trillion.
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