It’s another bloodbath in the Satoshi streets.
The cryptocurrency world saw more pain over the previous 24 hours, with Bitcoin crashing to explore monthly lows beyond the $27,000 mark. Meanwhile, the altcoin market suffered more. For instance, Ethereum lost the $1,500 mark to explore its 2018 ATHs.
BTC Down Again
The leading crypto began gradual declines following slight and unsuccessful trials to challenge $32K last week. Recent rejection at this resistance dragged BTC towards $30,000. The bellwether crypto steadies at this value area for a couple of days.
However, Friday saw the landscape changing, following United States inflation figures (8.6%). The 40-year inflation high triggered intensified volatility for Bitcoin, which plunged to sub-$29K.
The following hours saw the asset on aggressive plunges. The situation culminated earlier on Sunday, with BTC slumping to $27.2K (Bitstamp data). That saw the dominant crypto exploring levels not seen in more than one month.
As a result, BTC’s market cap dropped to $520B. The only hope for Bitcoin bulls is the token’s market dominance over alts climbed towards 48%.
The adverse price actions mentioned above haven’t discouraged traditional hedge funds. Recent reports showed them pouring money into the marketplace. Moreover, the deVere Group CEO remains bullish on BTC, believing the bellwether token will skyrocket towards 2022 end.
Altcoins in Red
Most alternative tokens lost double-digits as BTC lost more than 5% within the past day. Ethereum led large-cap losers, surrendering over $200 within the past day and more than $500 in seven days. That saw ETH plummeting beneath $1,500 to explore its 2018 ATHs near $1,450.
Other assets deep in red include Binance Coin (-12%), Cardano (-15%), Ripple (-11%), Solana (-14%), Avalanche (-20%) and Dogecoin (-14%). Tron endured somewhat less pain, witnessing a modest 7% drop.
Mid- and lower-cap alternative tokens also deteriorated, and the overall crypto market capitalization lost another $100 billion. While publishing this content, the metric hovered at $1.10 trillion, losing about 8% in the past day.
What are your views concerning the current crypto spectrum? Should we expect more losses? Feel free to leave a reply in the comment area below.