$ 53,162
$ 3,995.2
$ 1.000

Bitcoin drops to 17-day low and the overall value of the crypto market continues to bleed


Bitcoin continues to fluctuate and go sideways, with some downside tremors like in the last 24 hours.

Bitcoin price fell to the level below $32,000, and did not stay long below it as it returned to the levels of $32,500 at the time of writing.

Altcoins followed the movement of Bitcoin and also dived deep into the red, with ETH and BNB trading below $2000 and $300 respectively with Binance reclaiming the $300 level while Ethereum is still struggling to do so as well.

Bitcoin drops to 17-day low:

Although the weekend saw minimal trading volumes, the price of the underlying cryptocurrency actually rallied then, with Bitcoin soaring to the $35,000 level.

Then the bears regained control at this point and did not allow a potential breakout of the $36,000 level.

Quite the contrary, bitcoin headed south again.

Bitcoin dropped to $33,000, and although it tried to bounce back, the situation has since gotten worse.

Bitcoin continued to decline, headed below $32,000 for the first time since late June, and reached an intraday low of around $31,650 (on Bitstamp).

This becomes the lowest price line for Bitcoin in the last 17 days.

Despite recovering a few hundred dollars in the past few hours, Bitcoin’s market cap has fallen below $610 billion, while dominance has already increased to 46% due to the bloodbath among altcoins.

Bleeding altcoins:

Altcoins have suffered more than their leader recently.

The price of Ethereum rose to the level of $2,450 about a week ago, but it has lost more than 20% of its value since then.

The second largest cryptocurrency broke the $2000 level and fell below it, but the bears continued to press, and are now struggling to get back above $2000.

Binance coin BNB also lost an important numerical milestone, dropping 4.5% in 24 hours below $300.

But it was not long before it, as it rebounded above the $300 level.

For reference, the digital currency BNB has already reached its highest level in several weeks at more than $340 a few days ago.

As for the cryptocurrencies with the average market value, they also suffered from redness and decline in varying degrees.

Source: Quantify Crypto

The decline of bitcoin and altcoins made the total market capitalization lose $80 billion and over $120 billion in two days, dropping to $1.3 trillion.

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