Altcoin Prices Drop As Bitcoin Dips Below $45,000
Bitcoin’s stellar run over the past month came to a stuttering halt last weekend just after it reached a new short term peak of $48,000, its highest point in months. Bullish sentiment remained high into the week with many expecting the positive run to continue. That ship, however, seems to have sailed as many people woke this morning to what looks like bears returning to the market.
Coins that were previously riding high on the Bitcoin wave have retraced hard with many seeing red and the market cap down again below its previous milestone of $2 trillion.
Bitcoin Dips Below $45,000
The past few days have been rocky for the number one coin. After a month of steady gains, on the back of a shocking price drop in May, Bitcoin seemed to be on the path to the moon yet again. The past few days however has seen BTC and the general market undergo huge price corrections. Bitcoin prices touched a peak over the weekend straying slightly north to a short term high of $48,100. Since then, however, it has been bleak. Shortly after reaching the peak, the price dropped sharply below $46,000 before maintaining above it for a few days.
Yesterday saw the day begin with prices slightly in the red with many coins across the market seeing relatively minor price drops although some alts did continue to make strong gains. Later on in the day, however, BTC took a dip below $45,000 a price it had held for a few days and this seems to have caused bearish sentiment to take over. Although it has since seen a slight recovery and currently trades above $45,000 many altcoins have already taken a hit.
BTC/USD. Source- Tradingview
Altcoins In The Red
This new Bitcoin run saw many altcoins make strong recoveries from previously dismal outlooks but the past 24 hours have been bloody in the alt market. The second highest coin by market cap, Ethereum which had been making progressively larger gains ever since this started, dropped over $300 in the past 24 hours marking a 6.4% drop in price. Other coins have similarly not been excluded from the bloodbath with BNB down even more than ETH, to a 7.4% drop at $399. Cardano backed coin ADA, a name that is fast becoming popular in crypto news for innovation, is also down by 5% and struggling to stay above $2.
BNB/USD. Source- Tradingview
One surprising development in the past few days is the Solana chain’s SOL token. The token which has made strong strides in the past few days culminating in it reaching successive all-time highs is currently still managing to go against the current negative trend in the market. At the time of writing it is currently almost 3% up on yesterday trading slightly below its recently achieved peak of $75. The crypto market is still largely in the red as reflected by its general market cap which sits at $1.92 trillion, a 4% drop in 24 hours.
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