Following a somewhat stagnant weekend in which BTC remained in a range between $35,000 and $36,000, the asset dumped to a two-week low of just over $32,000. Most alternative coins have performed even worse, with ETH plummeting beneath $2,000 for the first time since May.
Altcoins in Red; ETH Below $2K
Altcoins have been gradually declining in value for the past several days. Ethereum has been at the forefront as it traded well above $2,600 less than a week ago.
However, the second-largest digital asset lost several hundred dollars in days, and the past 24 hours only worsened its performance. ETH dumped by more than $300 in a relatively short period to an intraday low of $1,980 (on Bitstamp). Thus, the asset dropped below $2,000 for the first time since May 23rd.
The situation with the rest of the alts is quite similar, and they are all deep in red on a 24-hour scale.
Binance Coin (-4.5%), Cardano (-4.5%), Dogecoin (-8.5%), Ripple (-7%), Polkadot (-10%), Uniswap (-8.5%), Bitcoin Cash (-9%), Litecoin (-8.5%), Solana (-10%), and Chainlink (-5%) have all lost sizeable chunks of value.
From the lower- and mid-cap alts, Stacks has lost the most after a 17% dump. BakeryToken (-15%), NEM (-14%), SushiSwap (-14%), Qtum (-13%), Amp (-13%), ICP (-13%), and Chiliz (-13%) are a few more reps of the double-digit price decline club.
Ultimately, the cumulative market capitalization of all cryptocurrency assets lost over $120 billion in a day to below $1.4 trillion.
Bitcoin Sees a Two-Week Low
The situation with the primary cryptocurrency is not that different. Despite sliding in value for a few days, BTC had actually recovered some losses during the weekend and stood around $36,000.
The price trajectory changed rapidly following new FUD coming from China. The nation’s third-largest bank banned all of its customers from dealing with digital assets, which impacted the market immediately.
Consequently, BTC fell by more than $2,000 in a few hours and $4,000 on a 24-hour scale. The asset dropped to just over $32,000, which became its lowest price tag in roughly two weeks.
Despite recovering around a thousand dollars since then, bitcoin is still more than 6% down on the day, and its market cap is just over $600 billion. Its market dominance has increased slightly just because the alts have it even worse today.