The New Week Welcomes The Market In Red: BTC Is Down By $1000

The new week welcomes the market in the red with bitcoin being down by $1000 in one day and the altcoins remaining in a worse shape as Terra led the adverse trend so let’s find out further in today’s latest altcoin news.

After failing to remain north of $38,000, BTC went down again and lost $1000 of its value in a few hours. The rest of the coins are in a worse shape with massive drops coming in from Solana, Ripple, Terra, and Polkadot. Even since last Thursday, BTC dipped to $35,500 for the second time in two days and the situation with the asset seemed much more positive. It was regaining some value and tapped $37,000 a few days later but then it kept on climbing during the weekend and tapped a  new high of $38,700.

It failed to continue the momentum and lost some value which resulted in BTC settling around $38,000 but the situation got worse in the next few hours. BTC dumped below $37,000 in a violent candle and as of now, BTC stands a little above this line with a market cap of $700 billion. The new week starts in red despite the impressive rally of the altcoins over the weekend. It seems that the landscape is quite different now with red dominating the charts.

Ethereum went to a high above $2600 but a 3.2% drop pushed the second biggest crypto to over $2500. Binance Coin, DOGE, Chainlink, and Cardano all made similar losses a day ago. Solana, Terra, Polkadot, Ripple, Avalanche, SHIB, and Matic all registered price slides. SOL dropped by 6%, DOT by 7%, XRP by 5.5%, SHIB by 7%, CRO by 6.2% and MATIC by 7%. Terra lost the most and dropped to $45. more losses were evident from Kadena which lost 11%, Waves by 11%, Fanotm by 10%, THETA by 10%, and Kusama by 9%. the market declined by around $60 billion a day ago and it is just shy of $1.7 trillion.

As recently reported, Bitcoin returned to $37K when the Wall Street traders opened up and watched for a new resistance retest with the coin evading the major resistance test. The data shows that the BTC/USD pair is returning to form a new high after a new dip to $36,175 on Bitstamp. As a part of the range-bound behavior, the hopes were held high that the momentum will continue to challenge the resistance levels closer to $40,000 whether or not the outcome will be a fresh correction.