Markets: Bitcoin Touched A 3-Week Low, ETH Stays Below $2,000
The bears are holding the crypto market on a tight grip, as bitcoin visited a three-week low of $31,000 while ETH is trading below psychologically important $2,000 mark.
Bitcoin’s continues to trade sideways as the market remains to have bearish momentum. The number one crypto is currently trading at $32,175. The altcoins have also lost some more steam, with ETH standing below $2,000 and BNB struggling to stay above $300.
Bitcoin Visited a 3-Week Low – After Recovered Some
Bitcoin’s struggle continue. Earlier this week the largest crypto asset failed to break out of $35,000 earlier this week. The bears seem to be in control over the market at that point and keep pushing it south.
Initially, BTC sunk below $32,000. Regardless of the bounce back about a $1,000 of value in the middle of the week, the pressure was on.
Yesterday, the Bitcoin dropped to a critical level of $31,000. This became its lowest price point in 3 weeks, since June 27th.
Reports then emerged that Bank of America (BofA) will start offering BTC futures trading for some of its clients, after which Bitcoin price recovered about $1,000.
The party didn’t last long as Bitcoin retraced once again to its current levels of $32,000. Consequently, its market capitalization remains at $600 billion approximately.
The altcoins have taken a hit in the past days. Their leader, Ethereum dropped below $1,900, but managed to regain some and is currently sitting below $2,000. ETH traded above $2,400 less than ten days ago.
Binance Coin (BNB) also made losses, and a 3.5% decline has driven it to just over $300. Cardano, Ripple, Uniswap, Bitcoin Cash, and Litecoin have all dropped by a similar percentage since yesterday.
Polkadot, and Solana have lost the most from the larger-cap altcoins. As a result, Polkadot is at just over $12, and Solana has broken below $27.
The situation with the lower- and mid-cap alts is pretty much the same. Axie Infinity, which was riding high until recently, has retraced by more than 15% in a day to around $20.
Stacks (-14%), BakeryToken (-13%), Flow (-12%), and THORChain (-10%) follow. However, it’s worth noting that the latter’s network was hacked yesterday, with estimations showing that up to $7.6 million were swiped.
Nevertheless, there’re a few impressive gainers – Basic Attention Token has surged by 15%, and NEM has added 12% of value.
Dogecoin made recent gains, after Elon Musk tweeted about his son being a hodler. Doge gained 9.96% in a day, and is currently trading at $0.1885, but is down 11.5% on a weekly range.
