The past 24 hours have been tough in the cryptocurrency markets, with the total capitalization dropping by some $40 billion. This comes on the back of major coins charting serious declines and BTC plummeting below $17K.
Bitcoin Goes Below $17K
Bitcoin’s price took a serious beating over the past couple of days, losing about 9% of its value since hitting $18,300 earlier in the week. For the past 24 hours alone, the cryptocurrency is down by almost 3%, training at around $16,700 at the time of this writing.
It’s interesting to note that Bitcoin dominance – used as a primary means of gauging its share relative to that of the entire market – is increasing. This means that altcoins are having it worst than BTC during this period.
In any case, it’s important to see if BTC will be able to reclaim the coveted $17K level or if there’s more pain to come in the following days.
Altcoins Bleeding Hard
Practically all major altcoins are trading well in the red throughout the past day, with few exceptions.
As seen above, ETH is down almost 3%, but a lot of the other altcoins are down a lot more. For instance, BNB is trading at a 7% decline, having recovered a bit – its price crashed by more than 10% earlier. DOGE is down over 5%, ADA – almost 7%, MATIC – 4.5%, and so forth.
With that said, there are also some exceptions. For example, Toncoin (TON) is up 7.5% in the past day, which contributes to gains of 33.7% in the past week.
On the other end of the spectrum, there’s Filecoin’s FIL, which is down a whopping 20%, making it the worst performer in the past 24 hours. It’s followed closely by Trust Wallet (TWT), which is down by 19%.