The three largest US stock market indexes plummeted by up to 3% yesterday as Bitcoin failed to decisively overcome $25,000 once again, resulting in a rejection that brought it back down to just below $24,000. Most altcoins suffered even more on a daily scale, with MATIC, OKB, SOL, and several others dumping by around 7%.
Bitcoin Mimicks Wall Street
Cryptocurrency has been highly volatile the past few days. On Thursday, it skyrocketed to $25,000, a six-month high, before dumping just as rapidly to under $23,500.
Another two attempts to overcome $25,000 followed in the past few days, with the latest coming yesterday. Bitcoin reached $25,200, but the asset failed once again. The subsequent rejection drove it south hard and bitcoin found itself at $23,500.
The market crash on Wall Street caused a nosedive in BTC‘s price, taking its market capitalization down to $465 billion. BTC’s dominance over the alts has increased slightly to 42.6%.
Altcoins in Dark Red
The altcoin market is in a state of flux, with most coins seeing a decline in value over the past day. Ether and BNB, the two largest altcoins by market cap, have both fallen by 2-3%. As a result, ETH is now below $1,650, while BNB is under $310.
More daily losses can be seen from Cardano, Polkadot, and Shiba Inu, all of which have fallen by more than 4%. MATIC and Solana have lost the most out of the top 15 alts, declining by more than 6% in a day.
Dogecoin, Litecoin, and Avalanche have seen insignificant gains. However, Filecoin has resumed its recent trend of decline, falling by more than 5%.
Also Read
- Bitcoin’s 47% Rally Fails to Break Bearish Elliott Wave Pattern, According to QCP Capital
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- “Crypto Hedge Fund Galois Capital Shuts Down — ‘We Lost Almost Half Our Assets to FTX Disaster”
- “Emerging Market Crypto Investors Suffer as FTX and Terra Collapse: BIS Report”
- Crypto Hedge Fund Galois Shuts Down After Losing $40M to FTX – Very Useful
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