Another unsuccessful attempt to overcome $60,000 has resulted in a $3,500 price drop for bitcoin. Most altcoins have also followed along south, and the entire market cap has lost more than $60 billion in a day.
Bitcoin Dipped to $56,500 after Another Rejection
The situation repeated in the past 24 hours. As BTC was closing down to its rounded-number nemesis, the bears took control and pushed the asset south.
In the following hours, the primary cryptocurrency lost about $3,500 of value and reached an intraday low of just beneath $56,500 (on Bitstamp).
Despite bouncing off and adding roughly $1,000, bitcoin is still over 3% down on a 24-hour scale.
The technical indicators suggest that BTC’s current price level of about $57,500 is the first support that could contain another potential price drop. Should the asset drop below it again, the following ones are at $56,600 and $54,675.
Altcoins in a Sea of Red
The alternative coins were on quite the roll in the past several days. Ethereum was among the most notable performers, which led to breaking above $2,000 for the first time since mid-February. Furthermore, ETH continued upwards and painted a new all-time high at nearly $2,150.
However, the second-largest cryptocurrency has dropped by more than $100 since then and currently stands just above $2,000.
The rest of the top ten coins are also well in the red since yesterday. Binance Coin (-2%) is down below $340, Cardano (-4%) trades beneath $1,20, while Polkadot, which reached a new ATH yesterday, is down to $44.
Ripple (-7.5%), Uniswap (-7%), Litecoin (-8%), and THETA (-5%) are also down on a 24-hour scale.
The situation with the lower- and mid-cap alternative coins is somewhat similar. Harmony leads this adverse trend with an 11% drop to $0.16. Theta Fuel (-10.5%), Bitcoin SV (-10.5%), Fantom (-10%), EOS (-10%), Holo (-9%), and Kusama (-9%) follow.
Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost about $60 billion in a day and is down to $1.910 trillion.
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