For the First Time Since March: BTC Dipped Below $40K, ETH Beneath $3K (Market Watch)

After several days of gradual price declines, bitcoin took another sharp dive yesterday and fell below $40,000 for the first time in nearly a month. Most altcoins are also in the red today, with ETH sliding to (and beneath) $3,000, BNB below $400, and Cardano going under $1.

BTC Dipped Below $40K

Bitcoin failed to decisively overcome $47,000 a week ago, and the bears took the opportunity to regain almost complete control over the market. In the following few days, they pushed the primary cryptocurrency firstly to $45,000 and then to $43,000, as reported last week.

But that was not all, as BTC’s price dives continued, and the asset lost the January 2021 ATH ($42,000) yesterday. While that was a concerning retracement of its own, the situation worsened in the following several hours.

The asset kept plunging in value and found itself around $40,000, which it quickly lost. In fact, bitcoin dipped to $39,200, which became its lowest price position in almost a month.

Since then, BTC has bounced off and added around $1,000. As a result, it now sits just above the coveted $40,000 mark, but its market capitalization has declined to $765 billion.

BTCUSD. Source: TradingView

Altcoins in Deep Red Again

The altcoins have not enjoyed the past several days, either. Most went through notable retracements yesterday, and the situation now is quite dire as well.

Ethereum dropped below $3,000 for the first time in three weeks. Although the second-largest crypto now lies above that particular line, it’s still down more than 4% on a daily scale.

Binance Coin dipped beneath $400, but it now trades north of it. Ripple, Terra, Avalanche, Polkadot, Dogecoin, and Shiba Inu are down by up to 6%. So is Cardano, and ADA has dropped below $1.

Solana has lost the most from the larger-cap alts with a 7% daily decline. As such, SOL is slightly above $100. The landscape with the lower- and mid-cap altcoins is rather identical, and the total market cap is down by another $70 billion since yesterday. The metric has seen $300 billion evaporate in about a week.

Cryptocurrency Market Overview. Source: Quantify Crypto

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