By Shelly Melancon (Switzerland)
After some price rallying in recent days, the leading digital currency has turned bearish again. Bitcoin price declined by some thousand dollars to trade at about $35,500. As is the usual case, most altcoins have followed suit. Ethereum declines to approximately #2,350, while BNB is now about $340.
Bitcoin Plunges Below $35,500
Recently, the price of bitcoin has been on the rise after positive news from El Salvador and India regarding it, with top organizations also investing in it. Bitcoin achieved a 6-day peak to reach about $39,000 on June 10, 2021, but declined to about $37,500, which remained the price till yesterday. But it has experienced some massive changes since that time.
Bitcoin lost over $2,000 within hours and declined below $35,500 for a brief period. However, it recovered a few hundred dollars to now trade above $35,500, but it still represents a 4% drop within the last 24 hours.
Again, the market cap has plunged well below $700 billion. The good news is that bitcoin remains at 44% in market dominance because the altcoins plunged even deeper.
BTC/USD chart. Source: TradingView
Will It Be More Doom and Gloom for Bitcoin This Month?
Bitcoin is yet to gain any positive experience this month; the leading cryptocurrency has dropped 40% of its value so far in this month. Possible reasons for this decline include:
- The renewed suggestions by countries like the Dutch to ban it,
- More crackdown efforts by the Chinese government against it,
- Renewed hostility by the U.S. Congress, and,
- The continued hot discussion about its energy consumption.
It has also lost by 25% in trading volume within the last 24 hours, and it’s about $35 billion this month so far, which makes it bitcoin’s lowest trading volume since December 2020. Even the largest bank in the U.S. (JP Morgan) is also predicting that there is still no end in sight for bitcoin’s dark days.
Altcoins Deeper in The Red
Though bitcoin price declined by 4%, the majority of the altcoins lost even more. Some days back, Ethereum rose above $2,600 but has since lost $300 to trade at about $2,300.
Also, BNB rose above $390 (a mid-week peak) before losing about $50, which has caused its price to about $300.
Cardano, DOGE, XRP, BCH, LTC, and SOL all declined within the -5% to -9% range. DOGE and XRP declined by 5%, while SOL and LTC declined the most at 9%. However, Uniswap and Polkadot lost in double-digit percentages. Hence, each of their prices would reduce by about $20.
Crypto market overview. Source: Quantify Crypto
Lower and mid-cap alt coins even suffered worse fate. THORchain suffered the worst fate among them, it dropped 20% to now trade at about $6.7. Some of those that lost by double-digits in this category include SHIBA INU (-13%), Horizen (-12.5%), Klaytn (-12.5%), ICP (-13%), Fantom (-13.5%), AMP (-14.5%), Sushiswap (-14.5%), Siacoin (-14.5%), Kusama (-15.5%) and Bitcoin Gold (-15.8%).
Overall, the total market cap of all the digital assets has declined by $100B in less than 24 hours and $165B in less than 48 hours. Thus, the market cap for the entire industry is now well beneath $1.55 trillion.
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