Bitcoin plummeted to its lowest price position in nearly two weeks after trading sideways around $27,000 for several days. The altcoins didn’t fare any better, with ETH falling below $1,800 and ADA slipping 3% in a day. LDO was one of the few exceptions, with daily gains.
BTC‘s price recovered most of its losses after slumping to $26,500 last week, standing at and above $27,000 during the weekend. On Tuesday, it climbed up to $27,500 to chart a multi-day high. However, bears intercepted the move and didn’t allow any further increases as they pushed the asset down to around $27,000. The past 24 hours brought even more pain for the bulls as BTC plummeted by over a grand at one point, dipping below $26,000 for the first time since May 13, and losing 2% on the day.
BTC’s market capitalization dropped to $505 billion, and its dominance over the alts slightly took a hit, standing now at 46.1% on CMC. Meanwhile, as it typically happens when BTC heads south, most altcoins follow suit. Ethereum, the second-largest digital asset, is down over 2%, trading below $1,800. Binance Coin retracted to $305 after a 1% daily decrease. Further losses among the top 15 coins come from Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, Shiba Inu, and Avalanche. However, ApeCoin and Algorand have dropped the most from the top 50. APE plunged by over 8% to $3.2, while ALGO is down by 5% to $0.15.
According to Quantify Crypto, the crypto market cap dropped by another $20 billion in a day (and over $40 in two days), reaching exactly $1.1 trillion on CMC.