Bitcoin Drops Toward $16K, SOL, BNB, LTC Dump by 6% (Market Watch)

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After a few days of trad­ing side­ways with­out any sub­stan­tial move­ments, bit­coin head­ed straight south, dip­ping toward $16,000.

Some alter­na­tive coins have declined even more on a dai­ly scale, includ­ing Solana, Binance Coin, and the recent high-fly­er Litecoin.

Bitcoin Breaks Lower

The pri­ma­ry cryp­tocur­ren­cy had an event­ful work­ing week in which it dropped to a two-year low of around $15,500. The bulls stepped up at this point and didn’t allow any fur­ther declines.

They helped BTC in reclaim­ing $16,000 and pushed it to almost $17,000 a few days lat­er. How­ev­er, the asset failed at that point, as with most pre­vi­ous attempts.

As such, bit­coin came back down to a famil­iar sight at $16,500 and froze there. The lack of sub­stan­tial trad­ing vol­umes dur­ing the week­end didn’t help, and BTC remained there for all of it.

As Mon­day start­ed, though, the cryp­tocur­ren­cy began to fall, los­ing sev­er­al hun­dred dol­lars in hours. BTC came close to break­ing below $16,000 but has man­aged to sus­tain above that lev­el, at least for now. Nev­er­the­less, there’re warn­ings that bit­coin could fur­ther drop in val­ue if min­ers are to capit­u­late soon.

Its mar­ket cap has gone down to $310 bil­lion, but its dom­i­nance over the alts has tak­en a breather and is back up to 38%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LTC, BNB, SOL Drop Hard

Most alt­coins out­per­formed bit­coin in the past few days, but the land­scape has changed now for some.

Binance Coin was among the best per­form­ers late­ly, chart­ing a three-week high on Sat­ur­day. Now, though, BNB has declined by 6% and has slipped below $300.

Lite­coin saw a six-month peak last week, but a 6.5% dai­ly decrease has pushed it to $72. Solana, which has been among the poor­est per­form­ers since the FTX fias­co unfold­ed, is down by 6% on the day and trades well below $14.

Ethereum has lost the $1,200 line after a 3.5% decline. Rip­ple, Doge­coin, Car­dano, Poly­gon, Polka­dot, Shi­ba Inu, and OKB are also well in the red, with loss­es of up to 5% on the day.

As a result, the cryp­to mar­ket cap has seen more than $20 bil­lion evap­o­rate in a day, and the met­ric is below $820 bil­lion now.

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

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