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Monday started off like the whole weekend, with BTC still hovering around $30,000.
Altcoins turned red today, with AVAX, LTC, LDO, SOL, TRX and others down up to 6%. PEPE has lost more than 7% in one day.
BTC Loses $30K?
After a relatively quiet week that saw a few attempts by BTC to surpass $31,000, the asset experienced increased volatility on Friday. This happened as it hit $31,500, its highest value in 13 months, but bears were watching closely and acting bullish.
They cornered the market and quickly sent cryptocurrencies south. As a result, bitcoin fell to $29,700 a few hours later (on Bitstamp).
However, the asset bounced back quickly and recovered $30,000 by the end of the week. As it usually happens on Saturdays and Sundays, the trading volume dropped and BTC remained stuck at that level.
So far, Monday has been largely the same, with bitcoin trading just inches above $30,000. Its market cap is still below $590 billion, but its dominance of alts has reached 50% on CMC.
PEPE declined by 7%
ETH has mimicked the performance of BTC and is down less than 1% over the past 24 hours. As a result, the second largest cryptocurrency is struggling at $1,850. Ripple is in a similar situation, and a 0.5% drop has pushed XRP to $0.47.
However, most other large-cap stocks declined heavily. BNB, ADA, DOGE, DOT, MATIC, and BCH are all down 1% to 2% on the day, while SOL, TRX, LTC, and AVAX are down up to 5%.
Among the top 100 options, PEPE declined the most. Mim Coin has lost more than 7%.
In contrast, COMP, one of the few alt coins with gains today, is up 10% and is nearing $60.
The total crypto market cap has lost $20 billion per day and is down to $1.170 trillion on CMC.
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cryptocurrency chart by Tradingview.
