After failing to remain above $30,000, bitcoin took another turn for the worse and dumped to a new monthly low of just below $29,000. Most altcoins are bleeding out just as badly, if not worse, with XRP, SOL, BCH, and a few others dumping by more than 5% in a day.
Bitcoin’s price surge two weeks ago, fueled by Ripple’s victory against the SEC in court, was short-lived. The cryptocurrency reached a multi-month peak at just under $32,000 but quickly lost momentum. It fell back down to just over $30,000 and remained stagnant for a while, with occasional dips below that level.
Yesterday, the situation worsened as bitcoin experienced a significant drop of over $1,000 after being rejected at $30,300. This decline pushed it to a monthly low of just under $29,000, resulting in numerous liquidations. Although BTC has recovered slightly since then, its market capitalization has decreased to $565 billion, and its dominance over altcoins remains at 48.5%.
Altcoins have also been struggling in the past few days. Ethereum, which briefly surpassed $2,000 during the Ripple-driven hype, is now back down to $1,850 after another minor daily decline. Other alternative coins such as Binance Coin, Tron, Polygon, Litecoin, Polkadot, TONCOIN, and Shiba Inu have also experienced similar drops. Ripple, Solana, Bitcoin Cash, Stellar, NEAR Protocol, Aptos, and others have suffered even more significant losses, with all of them down by more than 5% daily.
Interestingly, Dogecoin is the only larger-cap altcoin in the green today, possibly driven by speculations about DOGE payments on Twitter.
Overall, the cumulative market cap of all cryptocurrencies has decreased by over $40 billion since yesterday’s peak, currently standing at $1.165 trillion.
*Note: This news article was written by a journalist specialized in cryptocurrencies and does not cite any specific source.*
