Bitcoin Drops to 2-Week Low, ApeCoin Nosedives 8% (Market Watch)

After several days of trading around $27,000, bitcoin took a turn for the worse and fell to its lowest price in nearly two weeks.

Altcoins are in no better shape, with ETH slipping below $1,800 and ADA down 3% in a day. LDO is among the few exceptions with daily gains.

BTC at 2 week low

After the price dropped to $26,500 last week, bitcoin recovered most of the losses and held above $27,000 during the weekend. The week started on an even more positive note as the cryptocurrency jumped to $27,500 on Tuesday to hit a multi-day chart high.

However, the bears stopped this move and did not allow any further gains. Quite the contrary, they pushed the asset down to around $27,000.

The past 24 hours brought even more pain for the bulls as BTC fell by more than a grand at one point and fell below $26,000 for the first time since May 13. Despite a bounce and recovery of a few hundred dollars since that low, bitcoin is still down around 2% on the day.

Thus, its market capitalization has come down to $505 billion. Its dominance on alts has also taken a slight hit and now stands at 46.1% on CMC.

APE Drops Hard

As is usually the case when BTC heads south, so do most altcoins. Ethereum is a prime example. The second largest digital asset is down more than 2% and is trading below $1,800.

Binance Coin is back at $305 after 1% daily decline. Most of the losses among the top 15 coins come from Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, Shiba Inu, and Avalanche.

However, ApeCoin and Algorand account for most of the top 50 sell-offs. APE is down over 8% to $3.2, while ALGO is down 5% to $0.15.

Crypto market cap has shed $20 billion in one day (and over $40 in two days) and plummeted to exactly $1.1 trillion on CMC.