Following several days of impressive price increases, bitcoin has cooled off a bit and dropped below $44,000. The alternative coins, which also flew high recently, have retraced even more, with ETH dumping beneath $3,000.
Red Conquers The Altcoin Market
The weekend went very well for most alts. Ethereum was among the best performers after the London Hard Fork went live on Thursday. The second-largest digital asset went on a roll, breached $3,000, and marked a three-month high of $3,200 yesterday.
However, it failed to continue upwards and has retraced by more than $200 since the top. As of now, ETH trades well below $3,000 after a 7% daily decline.
The rest of the larger-cap altcoins are also well in the red. This includes Binance Coin (-3.5%), Cardano (-3.5%), Ripple (-3%), Polkadot (-5.5%), Uniswap (-6%), Bitcoin Cash (-3%), Solana (-2%), and Chainlink (-7%).
Moreover, Dogecoin, which exploded by more than 25% yesterday, is down by 8% today to $0.24.
Further losses are evident from Shiba Inu (-10%), Nexo (-10%), SushiSwap (-9.5%), Compound (-8%), 0x (-8%), Tezos (-8%), and more.
As such, the crypto market cap has decreased by almost $100 billion since yesterday’s top to $1.750 trillion.
Bitcoin Calms Below $44K
The primary cryptocurrency also performed well in the past several days. It dropped to $37,200 on Thursday but went on a tear and reclaimed $40,000 before the weekend.
Furthermore, the bulls kept pushing it north, and it added another $5,000 of value in the following days. Consequently, it went to a multi-month record of its own at just over $45,000.
It has lost some steam since then, though, and currently stands just under $44,000. Its market capitalization has declined to $820 billion, but its dominance over the altcoins has increased to 46.5%.
Interestingly, the latest developments have normalized the Kimchi premium – the metric showing the difference in BTC’s price on global exchanges and such operating in South Korea.
It previously went to a yearly high of well over 20%, but it has decreased significantly and is currently down to a six-month high of around 1%, as CryptoQuant outlined.