After yesterday’s brief signs of revivals in the crypto market, the situation today seems quite gloomy once more. Bitcoin is close to breaking below $35,000, while most altcoins are in a much worse shape, including a massive 19% dump from Solana.
Bitcoin to Lose $35K?
Bitcoin traded above $43,000 last week before the whole landscape changed and the bears stepped up. In the next 24 hours, the cryptocurrency fell by $5,000 to a six-month low of around $38,000.
While this was already a massive correction, the asset headed further south, as reported. Bitcoin dumped to its lowest price position since late July 2021 at around $34,000 on Saturday.
Thus, it lost almost $10,000 in a few days. Sunday seemed more optimistic as BTC reclaimed some ground and even exceeded $36,000 at one point. However, it turned out to be a false breakout.
Since then, BTC lost nearly $3,000 and now stands well beneath $35,000. As such, its market capitalization is just over $650 billion.
Alts Dump Hard: SOL Down Double Digits
The alternative coins also suffered lately with brief recovery attempts yesterday. Now, though, red has taken over once more.
Ethereum stood above $3,300 on Thursday before the market-wide correction drove the second-largest crypto down by $1,000. Yesterday, ETH bounced off to above $2,500, but another 8% decline since then has driven it to below $2,400.
More daily losses are evident from Binance Coin (-8%), Cardano (-12%), Ripple (-6.5%), Terra (-10%), Polkadot (-12%), Dogecoin (-7%), Avalanche (-10%), and Shiba Inu (-13%).
Solana is among the worst performers since yesterday amid network issues reported from users and the blockchain protocol itself. SOL has dumped by nearly 20% and now sits at $85. This is SOL’s lowest price level since August.
More losses come from NEAR Protocol (-20%), Harmony (-18%), Theta Network (-16%), Oasis Network (-16%), Polygon (-16%), Curve DAO Token (-16%), Quant (-16%), Fantom (-15%), and many others.
The cryptocurrency market cap has declined by $100 billion in a day to under $1.7 trillion.