By Nathan Ferguson
Bitcoin saw its value depreciating by around $2,000 over the last 24 hours after the weekend uptick. Also, BTC’s trading volume plunge on months low.
After the weekend’s positivity as far as price actions are concerned, BTC has lost some dollars, hovering just below $34K at the moment. As a result, most alternative coins failed to sustain their uptrends. Ethereum dropped beneath $2,300, and BNB was about to break below $300.
BTC Retraces, Trading Volume Drops
It seems like BTC proved most predictions wrong over the last few days. Most market players were less pessimistic about the weekend trading sessions as the asset tends to lose value after the workweek.
However, history didn’t repeat itself this round. The leading cryptocurrency added around $3K during the weekend. With such moves, BTC surged to near $36K (on Bitstamp).
Meanwhile, bears stormed the market, reversing its outlook. With hours, Bitcoin lost almost $2K, falling to $34K.
Keep in mind that Bitcoin has witnessed its trading volume plunging massively in the last few days. Bitcoinity data indicates that multiple reputable crypto exchanges saw the trading volume dropping to multi-month plunges.
Alts Gone Red
Altcoins enjoyed new highs over the weekend due to the positivity that surrounded the crypto market. However, most of them have followed Bitcoin’s losses. For instance, ETH rallied to a 2-week high above $2,300. Meanwhile, a 3% loss has seen the alternative asset plunging beneath the price level.
Binance Coin surged above $315 but lost grounds, currently about to break beneath $300.
Most larger-capitalization alternative coins saw similar moves. On a day scale, ADA (-1.5%), LINK (-1.5%), SOL (-4%), LTC (-3%), BCH (-1%), UNI (-3.5%), DOT (-2.5%), and XRP (-4%) traded in the red territory.
Besides The Graph and Synthetix, which gained by double digits, many lower-cap altcoins retraced as well.
ICP lead the plunges, losing 8.5%. Others that follow are Decred (7% loss), THORChain (6% plunge), Enjin Coin (6% drop), ETC (5% down), and Amp (5% drop).
With the current market moves, the total crypto market cap lost about $70 billion in the last 24 hours, valuing above $1.4 trillion today.
Stay tuned for more updates.