Cryptocurrency Descent Continues: Bitcoin remains below $26,000
Bitcoin, once touted as the new standard for decentralized finance, continues to grapple with volatile conditions. The asset that exceeded $26,000 in the last few hours has once again plunged below this price, following a flash crash scenario that lived a brief moment.
It’s not just Bitcoin that’s feeling the heat. Majority of the alternative digital currencies have not been able to escape this downward trajectory either. The noticeable ones among them, ETH and BNB, have seen a blip too, marking a further decline of approximately 1.5%.
#1. Bitcoin: Struggling to Break Past $26,000
Until just a few days ago, Bitcoin’s valuation hovered in the tight bracket of $29,200 and $29,500. Efforts to scale past were somewhat futile. Attempts made for a breakout towards the $30,000 mark on Monday, quickly hit a dead-end and faced a near-immediate rejection. This landed Bitcoin back in its previous range, around the $29,000 mark.
By the time the week was nearing its end, Bitcoin’s troubles hadn’t subsided. The currency ended by losing half a grand more. What ensued gave way to intense speculations. Rumours emerged that SpaceX might have potentially disposed of its remaining Bitcoin holdings. This seemingly dealt a blow to the asset’s value, as the price suffered a sharp drop that pushed it down to $25,300 across various exchanges.
This was the cryptocurrency’s lowest price point in just over two months. While Bitcoin, managed to bounce back a bit and slightly recovered to around the $26,000 mark, it wasn’t in a position to sustain it. Another decline of around 1-2% in the past 24 hours placed it under the $26,000 bracket.
Currently, Bitcoin’s market capitalization is teetering on the brink of falling below $500 billion. As the asset struggles to maintain its foothold, its dominance over alternative digital currencies notably stands at 48.1%.
#2. Alternatives Follow the Downward Trend
Besides Bitcoin, most alternative cryptocurrencies have taken a severe hit in recent days. The combined effect of such a nosedive has amounted to a whopping $110 billion wipe-off from the overall crypto market capitalization.
The condition over the last 24 hours hasn’t been flattering either, albeit lesser volatile. Some of the giants in alternate currencies like ETH and BNB have painted a red day today, sinking by nearly 1.5%. At the time of writing, these coins stand at $1,660 and $215 respectively.
On a weekly basis, the downfall feels even more substantial. Altcoins like XRP, SHIB, and LTC are found to be among the heaviest losers, registering a fall of over 20% since the last week.
Despite this widespread downfall, there are some alternative coins that have shown promise. The top 100 altcoins, HBAR and KAS, have soared by 13-16%. While HBAR reclaimed $0.06, KAS has surged past $0.04.
