Bitcoin Drops Below $50K, Major Altcoins in Red: Market Watch

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After another unsuccessful attempt to decisively overcome the $50,000 price mark, Bitcoin has fallen to $49,000 again. Altcoins, which showed brief signs of recovery yesterday, have dropped again, with Ethereum beneath $1,600 and BNB back to $240.

Bitcoin Drops Below $50,000 Again

The past several days didn’t go well for the bitcoin bulls as the cryptocurrency plummeted by more than $13,000 in about a day or so at the start of the week. They attempted a rapid recovery, which drove the cryptocurrency above $51,500 on a few occasions, but the bears only enhanced the pressure.

As such, BTC failed to increase any further and even dipped to $48,000 yesterday. The situation repeated in the past 24 hours with another false breakout above $50,000. At the time of this writing, though, bitcoin has dropped below that coveted spot once more.

Interestingly, it seems that corporations have not lost any confidence in bitcoin even with the sharp five-digit price decline. Jack Dorsey’s Square allocated an additional $170 million in BTC, while Michael Saylor’s MicroStrategy made an even deeper commitment with purchasing more than $1 billion, as reported yesterday.

BTCUSD. Source: TradingView

Red Domination On The Alt Street

Most alternative coins felt the adverse effects of the market crash even worse than BTC earlier this week, and they have been attempting to recover ever since.

Ethereum dumped from above $2,000 to $1,350 in a matter of days. Although it bounced off and reclaimed some ground initially, ETH is still below $1,600.

BNB also regained some of its recent losses at first but it’s about 12% down since yesterday to $240. Cardano’s price drop seems less painful for the asset as ADA still trades above $1.

At the same time, Polkadot (-11%), Ripple (-8%), Litecoin (-6%), and Chainlink (-6%) are well in the red.

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

The situation with the lower- and mid-cap altcoins is substantially more volatile, as expected. Fantom has skyrocketed by 55% in a day and over 280% in the past week to $0.8.

Lisk (25%), Polygon (20%), ICON (20%), Enjin Coin (17%), NEAR Protocol (12%), Zilliqa (10%), Voyager Token (10%), and Avalanche (10%) are next.

On the other hand, IOST has lost the most after a 13% drop, followed by Flow (-10%), Terra (-10%), DODO (-9%), and Horizen (-9%).

Ultimately, the cryptocurrency market capitalization has dropped below the $1.5 trillion mark.

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Cryptocurrency charts by TradingView.