ETH Dumps to 2018 ATH

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The past 24 hours brought even more pain to the cryp­tocur­ren­cy mar­ket, with bit­coin dump­ing to a month­ly low of just over $27,000. How­ev­er, the alter­na­tive coins suf­fer even more. ETH, for exam­ple, plum­met­ed below $1,500 to the 2018 ATH levels.

Bitcoin Goes Down Again

After a few brief and unsuc­cess­ful attempts to over­come $32,000 last week, the pri­ma­ry cryp­tocur­ren­cy start­ed to lose val­ue grad­u­al­ly. The last rejec­tion at that lev­el brought it down to $30,000, where the asset stood for a few days.

The land­scape changed on Fri­day when the US infla­tion num­bers went out (8.6%). The 40-year-record brought enhanced volatil­i­ty for BTC, which dropped to $29,000.

Nev­er­the­less, the worst was yet to come as bit­coin start­ed to drop even more vig­or­ous­ly hours lat­er. This cul­mi­nat­ed ear­li­er today when BTC slumped to $27,200 (on Bit­stamp) – the low­est price posi­tion seen in a month.

Con­se­quent­ly, bitcoin’s mar­ket cap­i­tal­iza­tion is down to $520 bil­lion. The sil­ver lin­ing for the BTC bulls is that the dom­i­nance over the alt­coins is up to almost 48%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin News

The afore­men­tioned adverse price devel­op­ments have not deterred tra­di­tion­al hedge funds, as a recent report claimed they con­tin­ue to pour funds into the market.

deVere Group’s CEO is still bull­ish on bit­coin and believes the asset will sky­rock­et by the end of the year.

Alts in Deep Red

While bit­coin has declined by around 5–6% in the past 24 hours, most alt­coins are down by double-digits.

Ethereum is among the most sub­stan­tial losers. ETH is down by more than $200 in the past 24 hours and over $500 in a week. It not only dropped below $1,500, but it has declined to the 2018 all-time high lev­els of around $1,450.

BNB (-12%), ADA (-15%), XRP (-11%), SOL (-14%), DOGE (-14%), DOT (-14%), and Avalanche (-20%) are also deep in the red from the larg­er-cap alts. TRON has tak­en this retrace­ment with a bit less pain – a more mod­est 7% decline.

With the low­er- and mid-cap alts in sim­i­lar or worse posi­tions, the total cryp­to mar­ket cap has dumped by anoth­er $100 bil­lion in a day. The met­ric is down by $200 bil­lion in a few days and is under $1.1 tril­lion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto

Crypto News

The Bank of Cana­da believes the cryp­tocur­ren­cy mar­ket needs to be reg­u­lat­ed before it becomes big enough to cause a macro-finan­cial meltdown.

Cryp­to exchange Huo­bi went deep into DeFi and Web 3 by launch­ing a $1‑billion invest­ment vehicle.

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

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