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Bitcoin Struggling Around $31K Following Lowest Weekly Close of 2021 (Market Watch)

Bitcoin Struggling Around $31K Following Lowest Weekly Close of 2021 (Market Watch)


Bitcoin’s struggles around $31,000 continue as the asset even registered its lowest weekly close of the year. Most alternative coins have also bled out in the past 24 hours, with ETH dipping below $1,900 again and BNB suffering at $300.

Bitcoin Sees Lowest Weekly Close

Ever since last week’s unsuccessful attempts to overcome $33,000, bitcoin has experienced significant hurdles with its price movements. As reported a few days ago, it even dropped to its lowest price point in more than three weeks at around $31,000.

While the previous similar dumps were quickly met by the bulls, and they recovered most losses immediately, this time, the situation was quite different.

BTC reached an intraday high of $32,400, but it was short-lived and quickly headed south again. As a result, another drop to around $31,000 transpired, and the asset actually closed at its lowest position of 2021 at approximately $31,500.

This came just hours after the largest unlocking of GBTC shares of over 16,000 bitcoins.

BTCUSD. Source: TradingView. Source: TradingView

Altcoins Struggle; ETH Below $1.9K Again

The alternative coins have mimicked their leader’s performance in the past 24 hours as well. After the brief recovery sessions yesterday, Ethereum has lost another 4% of value and currently sits beneath $1,900.

Binance Coin, despite the most recent quarterly burn of $400 million worth of it, has also lost some value and struggles at just shy of $300.

Ripple and Uniswap have dropped by around 1% on a 24-hour scale, while Cardano (-1.6%), Dogecoin (-4.5%), Polkadot (-2%), Bitcoin Cash (-1.5%), Litecoin (-2%), Solana (-4.5%), and Chainlink (-2%) are deeper in red.

Interestingly, DOGE’s retracement comes shortly after its most prominent supporter – Elon Musk – changed his Twitter profile to include its logo.

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

 

Axie Infinity has lost the most from the top 100 coins with a 15% dump to $16.5. SushiSwap (-12%), Stacks (-11%), Flow (-10%), Ravencoin (-10%), Telcoin (-10%), and THORChain (-9%) follow.

The cumulative market capitalization of all cryptocurrency assets is down by about $50 billion in a day and is beneath $1.3 trillion once more.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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