Bitcoin
$ 53,162
Ethereum
$ 3,995.2
XRP
$ 1.000

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

Source: https://bit.ly/3eiQPYn

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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