Bitcoin has experienced losses recently after failing to overcome the $27,000 mark over the weekend. The asset slipped by almost $500 earlier today, charting a new multi-day low. This lack of substantial volatility has seen its market capitalization decline to $520 billion once again. Bitcoin tried twice last week to take down $27,500, but ultimately failed, leading to significant rejections that drove the asset down.
Altcoins Also Experience Losses
The altcoins have also suffered losses today, with XRP, MATIC, SOL, LTC, and others losing over 2% of their value. Ethereum is among the least harmed altcoins, with only a minor decline, although it is close to breaking below $1,800. Binance Coin, Polkadot, Cardano, and Avalanche have all dropped by around 1%, with further daily losses coming from Ripple, Dogecoin, Polygon, Solana, and Litecoin, which have all slipped by between 2-3%. Tron is the only alternative coin from the top 36 that has actually charted a green candle today, with TRX up by about 7% and sitting close to $0.08.
Bitcoin Attempts to Reclaim Lost Ground
As the weekend approached, bitcoin managed to reclaim some ground and went to around $27,000. However, a subsequent minor leg-up was halted in its tracks at $27,300, and another rejection followed in the past 24 hours, pushing it south to under $26,600. As of now, bitcoin has bounced off but still trades in the red on a daily scale and sits beneath $27,000.
Total Crypto Market Cap Drops
The total crypto market cap has lost just over $10 billion and is now under $1.120 trillion, indicating a lack of substantial volatility in the crypto market. Bitcoin’s dominance over alternative coins has remained still at 46.4%, with altcoins remaining calm during the weekend but turning red now.
In summary, bitcoin and altcoins have experienced losses amidst a lack of substantial volatility, with bitcoin falling to a multi-day low and altcoins losing over 2% of their value. Although bitcoin attempted to reclaim lost ground, it was ultimately unsuccessful, and the total crypto market cap has dropped by over $10 billion.