Crypto Market Lost $50B With Bitcoin’s Price Failing The $38K Level

The entire crypto market lost $50 billion as Bitcoin’s price failed the $38,000 level and continued declining. Most of the larger-cap altcoins followed which resulted in a cumulative drop in total market capitalization so let’s read more in today’s cryptocurrency news.

Bitcoin initially surged to $38,000 but the asset failed to remain at this level and even dipped below the $35,000. Most bigger-cap altcoins found some traction after the gains of yesterday but continued to reduce bitcoin’s dominance to 65%. The main cryptocurrency was stuck between $36K and $37K but in the past 24hours, BTC initiated a surge which resulted in a daily high of $38,000. While the bulls were quite welcoming of this development, the bears took control and didn’t allow for another increase to happen. They drove Bitcoin’s price south. In the next few hours, BTC Slumped to an intraday low of below $35K but the cryptocurrency bounced off and reclaimed this level while still being down 2.6% since yesterday.

The technical indicators are suggesting that BTC dropped below the first support level of $37,000 and $36,000 so if it goes on losing value, the next support lines will be set at $34K and $33,135. Most other alternative coins painted some strong gains in the past few days and raised speculation of an impending altcoin season but the situation changed in one day as the market lost $50 billion. Binance coin and Polkadot lost the most value from the top 10 which is about 7% and the coin fell to $42 after the recent burn while DOT dropped to $16 percent. ETH is the only exception as it increased on a daily basis and it’s worth noting that the second-biggest cryptocurrency reached a new all-time high recently as well.
buy acyclovir generic buy acyclovir online no prescription

Hedera Hashgraph is the biggest gainer after the UK NHS announced that it will use its blockchain to monitor the COVID-19 vaccines. HBAR is up by 60% in one day and 120% in one week. Enjin Coin is another huge gainer with a 42% surge to $0.40 as the Japanese regulatory body approved the coin to be listed on Coincheck. This was the coin’s first listing. NXM increased by 30%, Ren by 20% and VeChain by 10%.

The crypto market cap lost $50B but remained above $1 trillion despite the losses of the larger-cap altcoins. The surging lower and the mid-cap altcoins reduced BTC’s dominance on the market which dropped to 64.9% as of the time of writing.