The price corrections in the cryptocurrency market continue as bitcoin failed to reclaim $50,000. Most altcoins are deep in red today, with Ethereum close to breaking below $4,000 and substantial drops from Solana, Ripple, Polkadot, Terra, Avalanche, and more.
Bitcoin Failed at $50K
It’s safe to say that bitcoin’s price has seen better days, which weren’t all that long ago. Just on Friday, the cryptocurrency traded around $58,000 after another unsuccessful attempt to overcome the resistance at $59,000.
This is where the situation changed for the worse as BTC plummeted firstly to $51,000 before another massive dump drove it to a two-month low of $42,000.
After this massive $16,000 crash, the asset bounced off and neared $50,000, as reported yesterday. It stood there for a while but ultimately failed to conquer it.
As a result, BTC has retraced now to around $48,000, and its market capitalization is down to just over $900 billion.
ALGO in Green: All Other Alts Not
The alternative coins also fell hard on Saturday morning and attempted recovery sessions on Sunday. Today, however, most are in the red again.
Ethereum exceeded $4,300 briefly yesterday before another 4.5% decline now has driven the second-largest crypto to just over $4,000.
Binance Coin (-3%) is below $560 and the rest of the larger-cap alts have lost even more value, including Solana (-9%), Cardano (-5.5%), Ripple (-7%), Polkadot (-8%), Dogecoin (-6%), and Shiba Inu (-6.5%).
Terra, Avalanche, and CRO have dumped even more by double-digit percentages in a day. Algorand is the only larger-cap alt that it’s in the green today following a 3% increase.
More daily losses come from Kadena (-24%), Immutable X (-20%), Quant (-17%), Fantom (-16%), Harmony (-16%), THORChain (-15%), IoTeX (-15%), Helium (-15%), and many others.
The cryptocurrency market cap is down by $120 billion since yesterday and $400 billion since Friday to $2.2 trillion.