After a few days of sideways trading without any substantial movement, bitcoin headed straight south, plunging towards $16,000.
Some alternative coins have declined even more on a daily scale, including Solana, Binance Coin, and the recent high-flying Litecoin.
Bitcoin breaks lower
The major cryptocurrency had a turbulent work week in which it fell to a two-year low of around $15,500. The bulls intensified at this point and did not allow any further declines.
They helped BTC recover $16,000 and pushed it to nearly $17,000 a few days later. However, the asset failed at this point, as with most previous attempts.
As such, bitcoin returned to a familiar sight at $16,500 and froze there. The lack of substantial trading volumes over the weekend didn’t help, and BTC stuck around through it all.
At the start of Monday, however, the cryptocurrency began to fall, losing several hundred dollars in hours. BTC nearly broke below $16,000 but managed to hold above that level, at least for now. Nevertheless, there are warnings that the value of bitcoin could drop further if miners were to capitulate soon.
Its market capitalization fell to $310 billion, but its alts dominance took a break and rebounded to 38%.
LTC, BNB, SOL Drop Hard
Most altcoins have outperformed bitcoin in recent days, but the landscape has now changed for some.
Binance Coin has been among the best performers lately, hitting a three-week high on Saturday. Now, however, BNB has declined by 6% and fallen below $300.
Litecoin saw a six-month high last week, but a daily decline of 6.5% pushed it to $72. Solana, which has been among the worst performers since the FTX fiasco, is down 6% on the day and trading well below $14.
Ethereum lost the $1,200 line after falling 3.5%. 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 saw over $20 billion evaporate in a day, and the metric is now below $820 billion.
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