As of June 28, the price of bitcoin was slightly above the $20K mark. However, at the end of the day, it eventually fell to $20K. Market Watch also noted bearish price conditions for most altcoins. These include DOGE, AVAX, SOL and many others.
Drawing from the June 29 data, bitcoin price has finally bottomed out below the $20K mark. Several well-known cryptos like Ethereum, Shiba Inu and Doge Token are also feeling the heat of the bearish turning point in the market.
Bitcoin Lost the $20,000 Price Mark
According to last week’s news, bitcoin made several attempts to overcome the loss in value. During that time its price had increased from $17,500 to $21,000. It was a recovery from its 18-month low. It maintained this $21K price mark until it reached its 10-day high, a little over $21,800.
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The journey to higher price turned out to be useless for BTC, and it eventually fell below $21K. It attempted to hit this price, but all attempts proved unsuccessful.
The unsuccessful attempt to appreciate BTC eventually turned into a bearish trend towards $20K. As of June 28 news, it managed to rise slightly above the $20K benchmark.
As of today’s market watch, the price of bitcoin has declined below $20,000. At the time of writing, it is still fluctuating below this price, bringing its market cap below $400B.
Impact on other digital tokens
The bearish movement of the price of bitcoin affects the rest of the digital coin. This explains the many red bars in the crypto market chart.
Over the past weekend, Ethereum attempted to move higher amid bearish market conditions. At the time, ETH was trading at $1,200. However, this did not last very long as Ethereum price is currently selling at $1,116, a daily drop of around 6.5% in price.
According to altcoins price data from CoinMarketCap, BNB is now trading at $219. This is a drop of about 7.5% 24 hours in its price. Other altcoins like SOL, DOGE, SHIB, and XRP are on record down trend, to mention a few.
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Furthermore, LEO, Tron and Cardano coins remain in the red zone of the chart, despite a slight appreciation. So, looking at the current state of all crypto assets as of 2 days ago, the total dumping in total market cap is up to $60B.
Combining this figure with the overall decline in market cap since the start of the bearish trend equates to $900 billion.
Featured image from Pexels, chart from TradingView.com