Bitcoin’s recent declines have continued in the last 24 hours, with the cryptocurrency dropping to about £32,200, a 17-day low. The majority of altcoins are also in the red, with Terra, Solana, Avalanche, Cardano, and Dogecoin registering the biggest losses.
Bitcoin was trying to recapture £36,100 just a few days ago, and it surged beyond that level twice in a 48-hour period. The bears, on the other hand, emerged from dens and refused to allow any additional expansions.
Both actions were quickly rebuffed, but the second was met with a more vehement rebuke. BTC initially dropped to £34,500 before dropping even more to £33,000.
The asset bounced off that line and soared to £33,800, but that was a false breakout, and it plummeted once more. This resulted in a dip to just over £32,200 just a few hours ago, the lowest price point for BTC since March 23.
BTC is currently trading just above that level, but its market capitalisation has dropped to £614 billion.
The altcoin market has likewise turned red today, similar to bitcoin. Ethereum is one of the more moderate losers, with a daily loss of 1.5%. The second most valuable cryptocurrency has dropped to £2,450 after hitting a three-month high above £2,680 just few days ago.
The prices of Binance Coin, Polkadot, Ripple, Shiba Inu, and CRO have all dropped by less than 5%. Avalanche, Cardano, and Dogecoin, on the other hand, are down more than 5% since yesterday.
Solana has lost 9% of its value and is now trading at £84, after failing at £100 earlier this week. Terra has dropped the most – more than 10% in a single day – and is now trading below £73. This follows a £153 million token exchange with Avalanche (AVAX).
In just four days, the crypto market capitalisation has plummeted by £153 billion. For the first time since late March, the slump has touched below the coveted £1.53 trillion mark.