While Bitcoin regressed to the 38 thousand dollar band, the lowest level of the last 2 weeks, the decline accelerated in the last 24 hours. On the other hand, deeper decreases are observed in altcoins. Ethereum is around $2,600, while Cardano is well below $1. Avalanche is also priced under $80.
Bitcoin started to recover after the last downtrend, consolidating around $ 42 thousand, and then jumped up to $ 45 thousand. However, the upward momentum did not continue with the influence of the bears. BTC turned its head down again and found itself struggling to stay above $40,000.
This resistance of Bitcoin, which was in the 40 thousand dollar band, was broken by the pressure of the bears and fell to the 38 thousand dollars band for the first time since February. BTC price is heading towards the lowest level of the last two weeks. Bitcoin's market cap has dropped to $725 billion after approaching $850 billion the day before.
Altcoins Bleed Out
The downtrend continues for altcoins as well. Ethereum is down another 6.5% on the daily scale and is struggling to stay above $2,600. It is worth noting that the second largest cryptocurrency was above $3,200 earlier this week.
The situation is somewhat similar for the rest of the larger altcoins. Binance Coin slumped below $380 after a 6.5% drop on its own, Cardano traded below $1 after a 7% drop, and Avalanche slumped below $80 after a 8% drop.
Solana, Terra, Polkadot, Dogecoin, MATIC, and CRO are also deep in the red, with the Shiba Inu losing the most (-11.5%) and sitting at $0.000025.
BitTorrent (16%), Frax Share (13%), Gala (-11%), Radix (-11%), Harmony (-11%), and Helium (-10%).
As a result, the crypto market cap fell by almost $100 billion per day to just over $1.7 trillion.