Bitcoin’s Price Dips to 18-Day Low
Bitcoin’s price took a downward turn in the past 24 hours, reaching an 18-day low of $29,650. This decline is reflective of the overall market sentiment, with most altcoins also turning red. Ethereum (ETH) is close to breaking below the $1,900 mark, while SOL has seen the most significant dump among the larger cap coins.
BTC Roller-Coaster Ride
Last week, Bitcoin experienced a significant price swing, pumping from just over $30,000 to $31,800. This surge was fueled by Ripple’s court win over the SEC. However, BTC failed to maintain its momentum and fell back down to $30,000 the following day. Over the weekend, Bitcoin remained stuck at around $30,300 without any major movements. It was only during the early trading hours of Tuesday that Bitcoin made a move, but unfortunately, it was a negative one. BTC slumped to $29,650, its lowest point since June 30. Although Bitcoin has recovered some of the losses, it remains shaky above $30,000. Currently, its market cap stands at under $585 billion, with dominance over altcoins slightly increasing to 48.6%.
LINK Defies Market Sentiment
While most altcoins experienced a calmer weekend, the current landscape is slightly more painful. Ethereum (ETH) is on the verge of dropping below the $1,900 mark after a 1.4% decline in the past day. Ripple and Binance Coin, which recently exchanged places, have both seen a 0.5% drop, with prices at $0.74 and $242, respectively. Cardano, Dogecoin, Polkadot, Polygon, Avalanche, and Litecoin have all experienced declines ranging from 2-4% in a day. However, Chainlink (LINK) is the notable exception among the top 50 altcoins. As its cross-chain protocol goes live, LINK has soared by 6% and is now trading above $7.
Total Crypto Market Cap Declines
The total crypto market cap has lost just over $10 billion in a day, now standing slightly above $1.2 trillion on CoinMarketCap.
