After recently hitting a three-week high, BTC stalled at around $28,000, but has sold off sharply in the past few hours.
Altcoins also turned red, with ETH falling below $1,900. The total market capitalization fell by more than $20 billion in one day.
BTC rejected at $28,000
Bitcoin fell hard on Thursday to a two-week low below $26,000, but reacted well and recouped almost all of the losses over the weekend. Sunday saw another small increase which took the asset to $27,400.
Even more price gains came on Monday morning following the US government’s debt ceiling agreement. BTC climbed about a grand and hit a three-week high of $28,500 (on Bitstamp).
However, it did not continue further north and returned to around $28,000. He spent most of yesterday at this level, but things went downhill hours ago. The cryptocurrency’s inability to decisively break above $28,000 led to a sharp rejection that pushed it south from $1,000 to $27,000.
For now, BTC has managed to stay above this line, but it is down more than 2% on the day. Its market capitalization dropped to $525 billion and its alts dominance fell to 46.3%.
Alts See Red too
Most alternative coins have followed BTC on its journey south. Ethereum has held above $1,900 for several consecutive days, but a 1.3% drop in the past 24 hours has taken it back to $1,870. Binance Coin has declined by a similar percentage and is now struggling at $306.
Cardan, Dogecoin, Polygon, Solana, Tron, Polkadot, Litecoin, Shiba Inu and Avalanche are also in the red, with losses of up to 3% in one day.
Lido Dao emptied the top 36 alts the most. The LDO is down 6% and sits below $2.1. In contrast, QNT and GRT recorded minor gains of up to 4%.
Overall, the total crypto market cap lost over $20 billion in one day and is now below $1.140 trillion.
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