Bitcoin’s inability to conquer the $70,000 line has resulted in immediate selling pressure as the asset has dumped below $67,000 in the past few hours.
The altcoins are also in the red, and the total crypto market cap has declined to just over $2.4 trillion from the local peak of $2.5 trillion registered on Monday morning.
BTC Slips Beneath $67K
After ending a highly positive trading week last Friday, the primary cryptocurrency calmed over the weekend. It had soared from $62,500 last Monday to $69,000 on Friday before it retraced slightly to $68,000 on Saturday and Sunday.
Monday began on an even more favorable note, as the asset jumped to $69,500 for the first time since late July. However, it failed to continue its ascent and was quickly rejected before ever having the chance to challenge $70,000.
This resulted in immediate price drops that brought it south to $66,600 yesterday. It tried to bounce off since then, but the bears kept pushing it down and the cryptocurrency now trades way below $67,000 again.
Its market capitalization has slumped to $1.320 trillion on CoinGecko, but its dominance over the alts has risen to 54.8% from 54.5% yesterday.
Alts See Red
The rising BTC dominance during times of bitcoin corrections means only one thing – the altcoins have it worse. Some of the poorest performers from the larger caps include SUI, APT, UNI, and WIF. All of those have dumped by more than 5% in the past 24 hours.
Most of the remaining alts in the top 36 bracket are in a similar state but with slightly less painful drops. XRP, DOGE, LINK, and AVAX have slipped by around 3-4% each. ETH and BNB are down by 1.5% to under $2,600 and $580, respectively.
The cumulative market capitalization of all crypto assets has dumped to $2.41 trillion on CG. This means that the metric is down by about $90 billion since Monday’s peak.
Read the full article here
