Crypto Market Turns Red As Bitcoin Dumps By $1K (Market Watch)

After recently hitting a three-week high, BTC stalled at around $28,000, but declined heavily in the past several hours.

Altcoins also turned red, with ETH declining below $1,900. The total market cap has dropped by over $20 billion in a single day.

BTC Rejected At $28K

Bitcoin fell to a two-week low below $26,000 on Thursday, but reacted well and recovered almost all losses by the weekend. Another minor gain was seen on Sunday which took the asset to $27,400.

The prices rose even more on Monday morning after the US government struck a deal regarding the debt ceiling. BTC rallied roughly a grand and touched a three-week high of $28,500 (on Bitstamp).

However, it failed to continue further north and pulled back to around $28,000. It spent most of yesterday at that level, but a few hours ago things moved down. The cryptocurrency’s inability to decisively break above $28,000 resulted in a sharp rejection that pushed it south of $1,000 to $27,000.

So far, BTC has managed to stay above that line, but it is down more than 2% on the day. Its market capitalization has dropped to $525 billion, and its dominance over LT has dropped to 46.3%.

Alts See Red Also

Most alt coins have followed BTC in their ride south. Ethereum stood above $1,900 for several days straight, but a 1.3% drop over the past 24 hours has pushed it back to $1,870. Binance Coin has declined by a similar percentage and is now struggling at $306.

Cardan, Dogecoin, Polygon, Solana, Tron, Polkadot, Litecoin, Shiba Inu, and Avalanche are also in the red with losses of up to 3% on the day.

Lido Dao has dumped the most from the top 36 alts. The LDO is down 6% and is below $2.1. In contrast, QNT and GRT posted marginal gains of up to 4% each.

Overall, the total crypto market cap has grown by more than $20 billion in a day and is now less than $1.140 trillion.