Unfavorable price movements have continued in the crypto market over the past 24 hours, with bitcoin sliding to a new monthly low of $ 55,700. Most of the alternative coins are also in the red, as the total market cap has fallen another $ 100 billion.
Bitcoin has hit a monthly low
Since bitcoin hit an all-time high of $ 69,000 last week, bears have been the predominant force in space. They pushed the $ 6,000 asset within minutes of the peak and prevented it from recovering a day later.
Nonetheless, bitcoin managed to rebound earlier this week and briefly exceeded $ 66,000. However, the price declines continued and BTC fell $ 7,000 in one day. As such, it fell below $ 60,000 for the first time since late October.
After an unsuccessful attempt to overcome this level in the following hours, the cryptocurrency once again headed south. This time it fell to $ 55,700 (on Bitstamp), which became the lowest price seen since October 13.
As of now, BTC has recovered some ground and is currently above $ 57,000. However, its market cap is well below $ 1.1 trillion and its dominance over alternatives has fallen below 43%.
Losses in the Alts table: mana explodes
Alternative parts have also suffered in recent days. On a 24-hour scale, most are still in the red, although their losses are a little less painful than BTC.
Ethereum briefly fell below $ 4,000, but it now stands at $ 4,150. Binance Coin, Solana, Cardano, Ripple, Polkadot, Dogecoin, Shiba Inu and Litecoin are also slightly in the red.
Yesterday’s best performer – CRO – is down 8.5% in one day and is about to break the $ 0.5 mark.
Avalanche and Terra are the only two bigger cap alts slightly in the green. Among small and mid-cap altcoins, Decentraland recorded the most substantial price increase. A 13% increase took MANA to almost $ 4.
Enjin Coin (11%), Arweave (10%), Basic Attention Token (10%) and The Sandbox (9%) are following suit.
According to CoinGecko, the cumulative market capitalization of all crypto assets has fallen to $ 2.6 trillion. That means the metric has declined by around $ 400 billion since its peak about a week ago.
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