The cryptocurrency market cap is down around $80 billion today as Bitcoin plunged to a monthly low below $39,000.
Cryptocurrency markets are on another journey today, with Bitcoin dropping below $40K and several altcoin dumps as well. Ethereum has taken it on the chin as it lost over 5% of its value to just under $3,000 per coin. Other altcoins such as Terra, Ripple, Solana, Cardano, and Polkadot have also experienced significant price losses.
Related reading | TA: Ethereum chips under 3k, why the bears can target 2.5k
Altcoins Enter the Red Sea Bitcoin drops
With little or no price movements for most of this week, today is a different day for altcoins. The market was turbulent, and prices fluctuated back and forth throughout the day. As a result, most altcoins are registered in the red as the day begins.
The price of Ethereum continues to drop, now below $3k for the third time this month. Cryptocurrency is leading a reversal trend, with other coins following suit and dropping about 5%.
Binance Coin has struggled to maintain its position at around $400 after a 3.5% drop in the past 24 hours. However, things started searching for this cryptocurrency late Sunday evening, when prices were close to $420 per coin.
Today, the big movers are Cardano, down 7%, and Ripple, down 6%. Some of the other notable coins are Shiba Inu, which is down 6% in value, Polkadot, which is down 7% in the past 24 hours, and Dogecoin is down 6%.
The cryptocurrency market was tough today, with many coins losing 10% or more. The biggest losers are KNC (-11%), Filecoin (-11%), ZILIQA (-10%). Others, including EOS and StepN, have lost 10% of their value today.
In the end, the cryptocurrency market cap fell by $80 billion and now stands at $1.8 trillion.
Bitcoin drops to monthly low
Bitcoin found itself in the headlines last week, dropping from $45K to around $40K. The cryptocurrency was mostly relaxed last night above $40,000 and even swung at $41,000.
Although Bitcoin held its value above $40,000 over the weekend, the bears came out strong and pushed prices below $40,000 for the second time in ten days.
In today’s unloading, bitcoin’s price fell by $38,600, the lowest price since March 16. Bitcoin is up a few hundred dollars after dropping to its lowest level in the month, but its market capitalization is still less than $750 billion.
Bitcoin price has tightened in recent months. However, a capitulation event, where traders anticipate a downward trajectory for the cryptocurrency’s value, could be fermenting at any time.
Featured image from Pixabay.com and chart from Tradingview.com