After several days of trading sideways, bitcoin finally experienced some volatility that pushed it south almost grandly.
Most of the altcoins have also turned red. Binance Coin is one of the very few exceptions, as the asset has soared above $330.
BTC fell from $1K
There was massive volatility on Wednesday and Thursday last week when the primary cryptocurrency exploded from $27,000 to $30,000 before rebounding in the prior hours on fake news. However, as First Republic’s problems worsened and fake reports were debunked, BTC went on the offensive once again and moved closer to $30,000.
Nevertheless, the bears capped the move and did not allow any further gains. Conversely, BTC retreated several hundred dollars and settled above $29,000.
The scenario changed late Sunday when the asset once again moved towards $30,000, but the subsequent rejection made it difficult to head south. In a matter of hours, BTC fell almost two grand and fell to $28,300 (on Bitstamp).
So far, it’s a few hundred dollars above that level, but it’s still down 2.3% on the day and sits under $29,000. Its market cap has dropped to $550 billion, and its dominance on LTS has narrowed slightly to 46.9% on CMC.
BTCUSD. Source: TradingView
BNB condemns the market
As is usually the case when there is more volatility with BTC, altcoins are feeling it too. Ethereum also stood quietly at $1,900 for the past few days, but a 3.3% daily decline pushed it to $1,850 so far.
Ripple, Cardano, Dogecoin, Polygon, Polkadot, Litecoin, Shiba Inu, and Avalanche all declined by similar percentages. Binance Coin has managed to defy the overall sentiment. BNB has jumped almost 4% in a day and is standing above $330.
More losses, however, were evident from ATOM, ICP, APE, as well as other mid- and lower-cap alts. In contrast, PEPE surged over 90% on a daily scale after listing on OKX and entered the top 100 coins by market cap.
Talking about the total crypto market cap, it has lost about $30 billion per day and has come down to less than $1.2 trillion.
Cryptocurrency market overview. Source: Quantize Crypto Special Offer (Sponsored)
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cryptocurrency chart by TradingView.