As Bitcoin Neared $58K, Altcoins Painted in Red: Cardano, Ripple and Solana Slump 5% (Market Watch)

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Bitcoin touched yet another multi-month high at nearly $58,000 before retracing slightly. However, most alternative coins continue to lose value against BTC and the dollar, with massive declines from Ripple, Solana, Polkadot, Terra, Uniswap, Avalanche, and more.

Altcoins See Red

The alternative coins have continued to suffer in the past 24 hours. Ethereum failed to remain above $3,600, and a 3.5% decrease has driven it below $3,500.

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The rest of the alt landscape is in an even worse shape. Binance Coin (-4%) is close to breaking below $400 for the first time in over a week. Cardano has shed 5.5% in a day and stands at $2.1.

Ripple, Solana, Polkadot, Dogecoin, Terra, Uniswap, Litecoin, and Avalance have lost even more value since yesterday. Consequently, XRP sits at $1.1, SOL at $143, DOT at $33, DOGE is below $0.23, LUNA dumped beneath $40, UNI is at $23, LTC below $175, and and AVAX trades at $53.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Even more losses are seen in Ren (-15%), Arweave (-13%), IOTA (-12%), DYDX (-12%), THORChain (-11%), Algorand (-10%), Avalanche (-10%), THETA (-10%), and Flow (-10%).

Shiba Inu is among the very few coins in green, with another 15% surge in a day.

Nevertheless, the crypto market cap has shed off around $60 billion in a day, but it’s still above $2.3 trillion.

Bitcoin Tested $58K

Bitcoin’s performance has widely contrasted with the altcoins in the past several days. This is supported by the increasing BTC dominance, which has tapped a two-month high at nearly 47%. Just for reference, the metric had fallen below 44% two weeks ago.

The primary digital asset has been slowly but surely adding chunks of value ever since it broke above $50,000. It jumped to $55,000 and touched $56,000 and $57,000 in the following two days to chart new five-month highs.

After dropping to $54,500 in the past 24 hours, it went on another run and came just inches away from $58,000 but was stopped there. The bears intercepted the move and pushed it south by several hundred dollars once more.

As of now, BTC has reclaimed some ground and stands around $57,500, and its market capitalization has neared $1.1 trillion once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView


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