XRP, SOL, BCH Drop by 6% Daily, BTC Struggles at $29K (Market Watch)

After failing to remain above $30,000, bitcoin took another turn for the worse and dumped to a new monthly low of just below $29,000.

Most altcoins are bleeding out just as badly, if not worse, with XRP, SOL, BCH, and a few others dumping by more than 5% in a day.

BTC Sees Monthly Low

Bitcoin registered its most impressive price surge two weeks ago when Ripple won a minor victory in court against the SEC. Along with the rest of the market, BTC soared to a multi-month peak at just under $32,000.

However, the hype began to fade quickly, and the cryptocurrency fell back down to just over $30,000 in the next few days. Stagnation followed, and BTC remained mostly around that level, with a few dips below it.

The landscape changed for the worse yesterday when bitcoin plummeted by more than a grand after it was rejected at $30,300. This price drop drove it south to a monthly low at just under $29,000, leaving millions of liquidations.

BTC has managed to add a few hundred dollars since then, but its market capitalization is back down to $565 billion, and its dominance over the altcoins sits tight at 48.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Bleed Out

The alternative coins have also seen better days as the past few brought nothing but pain for the bulls. Ethereum stood above $2,000 amid the Ripple-driven hype but is now back down to $1,850 following another minor daily decline.

Binance Coin, Tron, Polygon, Litecoin, Polkadot, TONCOIN, and Shiba Inu have charted similar daily drops. Even more painful losses come from the likes of Ripple, Solana, Bitcoin Cash, Stellar, NEAR Protocol, Aptos, and others. All of them are down by more than 5% daily.

Dogecoin is the only larger-cap alt in the green today, similar to yesterday, perhaps driven by the DOGE payment speculations at Twitter.

The cumulative market cap of all crypto assets has shed more than $40 billion since yesterday’s peak and is down to $1.165 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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