Crypto Markets Turn Red as Bitcoin Dumps by $1K (Market Watch)

After charting a three-week high recently, BTC stalled at around $28,000 but dumped hard in the past several hours.

The altcoins have also turned red, with ETH dropping under $1,900. The total market cap is down by over $20 billion in a day.

BTC Rejected at $28K

Bitcoin fell hard on Thursday to a two-week low below $26,000 but reacted well and recovered almost all losses by the weekend. Sunday saw another minor leg-up that drove the asset to $27,400.

Even more price gains came on Monday morning following the deal reached by the US government regarding the debt ceiling. BTC shot up by roughly a grand and touched a three-week high at $28,500 (on Bitstamp).

However, it failed to continue further north and retraced to around $28,000. It spent most of yesterday at that level, but things went downhill hours ago. The cryptocurrency’s inability to decisively break above $28,000 resulted in a sharp rejection that pushed it south by $1,000 to $27,000.

As of now, BTC has managed to stay above that line, but it’s more than 2% down on the day. Its market capitalization has slumped to $525 billion, and its dominance over the alts is down to 46.3%.

BTCUSD. Source: TradingView## Alts See Red, too

Most alternative coins have followed BTC on its ride south. Ethereum stood above $1,900 for several days straight, but a 1.3% decline in the past 24 hours has pushed it back down to $1,870. Binance Coin has declined by a similar percentage and now struggles at $306.

Cardan, Dogecoin, Polygon, Solana, Tron, Polkadot, Litecoin, Shiba Inu, and Avalanche are also in the red, with losses of up to 3% in a day.

Lido Dao has dumped the most from the top 36 alts. LDO is down by 6% and sits below $2.1. In contrast, QNT and GRT have posted minor gains of up to 4%.

Overall, the total crypto market cap has shed over $20 billion in a day and is under $1.140 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto