Bitcoin Slips Below April ATH: Altcoins Deep in Red (Market Watch)
Right now•2 min read•Altcoins
After yesterday’s enhanced volatility, bitcoin remained calm around $65,000 but has headed south once more. Most altcoins have also bled out, with massive losses coming from Solana, Cardano, Ripple, Polkadot, and more.
The past several days were going well for the primary cryptocurrency, which spiked from $60,000 to $66,000 on November 8th. It went even further and broke the October peak of $67,000.
Bitcoin actually registered two consecutive all-time highs, with the latest coming at $69,000 on November 10th. This is where the landscape changed, though, and in just a matter of hours, the asset plummeted by several thousand dollars to a daily bottom of $63,000.
After causing mass pain for leveraged traders, BTC bounced off and calmed around $65,000. It ranged around that level for a while before it dropped to $64,000 minutes ago, where it’s currently situated as well.
Its market capitalization has remained just over $1.2 trillion, and the dominance over the altcoins stands above 43%.
Most alts have mimicked BTC’s performance as of late. Ethereum also charted a new all-time high at nearly $4,900 two days ago but dumped by several hundred dollars and bounced off somewhat immediately. As of now, ETH is in the red again with a minor 1.3% daily drop.
Binance Coin and Dogecoin have marked similar price dips, with BNB sitting at $620 and DOGE trading at $0.25.
More losses are evident from Solana (-6%), Cardano (-5%), Ripple (-5%), Polkadot (-7%), Terra (-6%), and Avalanche (-4.5%).
Shiba Inu and Algorand are the only two coins in the green. SHIB has seen a minor 2% increase, while ALGO is up by 6% to $2.15.
Decentraland is the most significant gainer on a 24-hour scale with a massive 16% surge. In contrast, OMG Network is down by 27%, followed by IoTeX (-18%), Loopring (-12%), Livepeer (-11%), Helium (-10%), and OKB (-10%).
The total crypto market cap is down by $100 billion in a day and is well below $3 trillion on CoinGecko as of now.
