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Bitcoin price has suffered another drop over the past 24 hours, as the asset has dropped to an 18-day low of $29,650.
Most altcoins have also turned red, with ETH close to breaking below $1,900. SOL has seen maximum selling from large caps.
BTC falls below $30K
Bitcoin went into massive volatility late last week, when it soared from $30,000 to $31,800 to register its highest price in more than a year. This comes after Ripple’s court victory over the SEC.
However, the primary cryptocurrency failed there and dropped to $30,000 the next day. By the time the weekend arrived the bulls managed to recoup a few hundred dollars.
Like most of the previous weekends, this past weekend was uneventful, and BTC spent it at $30,300. Monday also provided no different scenario, and it was only during the early trading hours of Tuesday that bitcoin finally made a move.
However, it was not positive, as BTC fell to $29,650 (on Bitstamp) for the first time since June 30. It has managed to recover most of the losses, but it is still volatile above $30,000.
Its market cap has declined to less than $585 billion, and its dominance of alts is just above 48.6%.
Link defies the spirit of the marque
Most of the altcoins were also calm during the weekend, but now the scenario is a bit more painful. Ethereum is near a drop below $1,900 after a 1.4% drop on the daily scale. Ripple and Binance Coin, which had swapped places last week, fell 0.5% to $0.74 and $242, respectively.
Cardano, Dogecoin, Polkadot, Polygon, Avalanche and Litecoin are all down 2-4% in a day. However, Solana has seen the most selling from large-cap stocks, losing 6.5% in value. As a result, SOL struggles at $25.
Chainlink is the only notable exception among the top 50 options. On news of its cross-chain protocol going live, LINK is up 6% and is trading above $7.
Total crypto market cap has lost over $10 billion in a day and is just inches above $1.2 trillion on the CMC.
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cryptocurrency chart by Tradingview.
