After several days of standing in one place, bitcoin took a turn to the worse and dropped to a weekly low of under $16,000.
The alternative coins are in no better shape, with ETH dumping to below $1,100 for the first time in ten days.
Bitcoin Slips Further
Following the previous week’s volatility, induced by the FTX collapse, bitcoin had calmed and stood around $17,000 for several days. The asset even tried to take that level down on a few occasions but to no avail.
Following the last rejection on Friday, BTC remained stagnant for two whole days, trading around $16,600. However, the landscape changed in the past 24 hours as the bears took control of the market once again.
They pushed the primary cryptocurrency south and it dipped below $16,000 for the first time in over a week. As of now, the asset trades around that line again, but its market cap is painfully close to breaking beneath $300 billion. The only silver lining is that BTC’s market dominance has increased slightly to 38.7% as most alts have bled out even more.
The latest price declines come amid warnings that the cryptocurrency could fall to as low as $9,500 if it’s to mimic the previous bear market cycles.
BTCUSD. Source: TradingView
Altcoins Bleet Out Too
As mentioned above, the alternative coins are in even worse condition than bitcoin today. The adverse trend is led by Ethereum, which plummeted from over $1,200 to about $1,100 as of now, following reports that the FTX drainer, who might be the Bahamas’ securities regulator, started moving the funds.
Binance Coin has declined by 5% in the past 24 hours and struggles below $260. Ripple, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu are deep in the red as well, with losses of up to 9%.
With some altcoins, such as Algorand, CHZ, and NEAR, dumping by double-digits, it’s no wonder that the cumulative market cap of all crypto assets has plummeted below $800 billion. Meaning the metric has seen over $40 billion gone daily.
Cryptocurrency Market Overview. Source: Quantify Crypto
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