Bitcoin price drops below $27K, sandbox climbs 6% daily (Market Watch)

Bitcoin tried again yesterday to drop below $27,500 but was rejected and pushed back south.

Most altcoins are still in the red today, with ETH slipping below $1,900. XRP, on the other hand, is up just over 2% in a day.

BTC below $27K

Despite a positive start last week that took BTC north to a three-week high of $28,500, the seven-day period didn’t end well for the asset. It fell to a weekly low of $26,500 (on Bistamp) on Friday, but managed to recover some losses by the weekend.

Like the past few days, the weekend was pretty quiet, with BTC spending most of it around $27,000. It started a leg-up that took it to a multi-day high below $27,500, but the move was stopped by the bears and did not allow further gains.

In sharp contrast, bitcoin headed straight south, sending it to its lowest since Friday below $27,000. As a result, the market capitalization of BTC dropped by more than $5 billion in one day to $520 billion. Its dominance over Alts has also taken another minor hit and has dropped to 45.8%.

Sand defies market sentiment

Most altcoins have followed BTC south. Ethereum is a prime example as it declined below $1,900 after a minor daily decline. Binance Coin is also close to breaking below $300 after a 2% drop.

Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu all declined by similar percentages. Litecoin has lost even more value as LTC is down almost 3% in a day.

On the other hand, Ripple, Solana, Tron and Avalanche posted negligible gains. Sandboxie is the only notable gainer in the last 24 hours. Sand is up more than 5% and trades at $0.6.

The total crypto market cap, however, has fallen by more than $15 billion since yesterday’s peak to $1.135 trillion.