The crypto market cap declined by about $80 billion today as Bitcoin dropped to a monthly low beneath $39,000.
The crypto markets are on another roller coaster ride today, with bitcoin slipping below $40,000 and many altcoins dumpings as well. Ethereum has taken it on the chin losing over 5% of its value to sit at just under $3,000 per coin. Other altcoins like Terra, Ripple, Solana, Cardano and Polkadot also had substantial price losses.
Related Reading | TA: Ethereum Slides Below 3K, Why Bears Could Aim $2.5K
Altcoins Enter The Red Sea As Bitcoin Drops
With little-to-no substantial price movements for most of this week, today is a different day for altcoins. The market has been tumultuous, and prices are swinging back and forth throughout the day. As a result, most altcoins are recorded in red with the day started.
The price of Ethereum has continued to drop, now below $3k for the third time this month. The cryptocurrency is leading an adverse trend, with other coins following suit and falling by almost 5%.
The Binance coin struggled to maintain its position at around $400 after a 3.5% decrease in the last 24 hours. However, things are starting to look up for this cryptocurrency as of late Sunday evening, when prices were close to $420 per coin.
Today, the big movers are Cardano with a 7% decrease and Ripple 6% decrease. Some other notable tokens are Shiba Inu, whose value dropped 6%, Polkadot, with a 7% decline over the last 24 hours, and Dogecoin declined 6%.
The cryptocurrency market has been rough today, with many coins losing 10% or more. The biggest losers include KNC (-11%), Filecoin (-11%), ZILIQA (-10%). Others, including EOS and STEPN, both lost 10% of their value today.
Eventually, The crypto market cap is down $80 billion and now sits at $1.8 trillion.
Crypto Market cap is recovering after hitting its month low of $1.75 trillion | Source: Crypto Market Cap by Tradingview.com
Bitcoin Falls To Monthly Low
Bitcoin found itself in the headlines this past week, as it fell from $45,000 to around $40,000. The cryptocurrency had relaxed for much of last night above $40,000 and even took a swing at $41,000.
Although bitcoin held onto its value above $40,000 over the weekend, the bears came out in force and pushed prices below $40,000 for the second time in ten days.
Related Reading | Bitcoin Traders Long The $39K Dip, Will BTC Head In Expected Direction?
In today’s dump, Bitcoin fell by $38,600, the lowest price mark since March 16. Bitcoin has risen a few hundred dollars after falling to its month low, but its market capitalization is still below $750 billion.
The price of bitcoin has been tightening in recent months. However, a capitulation event, where traders are predicting a downward trajectory for the cryptocurrency’s value, could be brewing at any time.
Featured image from Pixabay.com and chart from Tradingview.com