BTC Dipped Below $40K, ETH Beneath $3K (Market Watch)

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After sev­er­al days of grad­ual price declines, bit­coin took anoth­er sharp dive yes­ter­day and fell below $40,000 for the first time in near­ly a month. Most alt­coins are also in the red today, with ETH slid­ing to (and beneath) $3,000, BNB below $400, and Car­dano going under $1.

BTC Dipped Below $40K

Bit­coin failed to deci­sive­ly over­come $47,000 a week ago, and the bears took the oppor­tu­ni­ty to regain almost com­plete con­trol over the mar­ket. In the fol­low­ing few days, they pushed the pri­ma­ry cryp­tocur­ren­cy first­ly to $45,000 and then to $43,000, as report­ed last week.

But that was not all, as BTC’s price dives con­tin­ued, and the asset lost the Jan­u­ary 2021 ATH ($42,000) yes­ter­day. While that was a con­cern­ing retrace­ment of its own, the sit­u­a­tion wors­ened in the fol­low­ing sev­er­al hours.

The asset kept plung­ing in val­ue and found itself around $40,000, which it quick­ly lost. In fact, bit­coin dipped to $39,200, which became its low­est price posi­tion in almost a month.

Since then, BTC has bounced off and added around $1,000. As a result, it now sits just above the cov­et­ed $40,000 mark, but its mar­ket cap­i­tal­iza­tion has declined to $765 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Deep Red Again

The alt­coins have not enjoyed the past sev­er­al days, either. Most went through notable retrace­ments yes­ter­day, and the sit­u­a­tion now is quite dire as well.

Ethereum dropped below $3,000 for the first time in three weeks. Although the sec­ond-largest cryp­to now lies above that par­tic­u­lar line, it’s still down more than 4% on a dai­ly scale.

Binance Coin dipped beneath $400, but it now trades north of it. Rip­ple, Ter­ra, Avalanche, Polka­dot, Doge­coin, and Shi­ba Inu are down by up to 6%. So is Car­dano, and ADA has dropped below $1.

Solana has lost the most from the larg­er-cap alts with a 7% dai­ly decline. As such, SOL is slight­ly above $100. The land­scape with the low­er- and mid-cap alt­coins is rather iden­ti­cal, and the total mar­ket cap is down by anoth­er $70 bil­lion since yes­ter­day. The met­ric has seen $300 bil­lion evap­o­rate in about a week.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto
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Cryp­tocur­ren­cy charts by TradingView.

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