Bitcoin Tests $31K Once Again: ETH Below $2K (Market Watch)

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Bitcoin’s struggles continue as the asset dropped to a new 19-day low of just over $31,000. Most alternative coins suffer as well, with Ethereum (ETH) well below $2,000, DOGE dumping beneath $0.20, and Solana losing 8% of value in a day.

Bitcoin Close to Testing $31K

Ever since BTC failed to overtake $35,000 on Monday, the cryptocurrency’s price has struggled. In the following few days, it dumped by more than $2,000.

The situation worsened after the latest attempt to recover as it was rejected at $34,000. This time, the bears drove it to below $32,000, which became a two-week low.

In the past 24 hours, though, BTC registered another adverse record – this time, it’s a 19-day low of just over $31,000 (on Bitstamp). With this, the asset’s price has found itself in a critical area as the retail power seems missing.

Despite regaining a few hundred dollars since the low, the asset’s market capitalization is still below $600 billion.

At the same time, the market dominance has remained relatively high – at almost 46%, as the alternative coins are also well in the red.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Slides Below $2K as Alts Bleed

As it typically happens when BTC heads south, so have done the alternative coins. Ethereum had reclaimed $2,000 recently, but it went beneath that level once again in the past two days.

As of now, another 3% decline has driven the second-largest cryptocurrency even below $1,900. Cardano (-2.5%), Ripple (-1.5%), Bitcoin Cash (-1.5%), and Litecoin (-3%) have recorded minor losses.

However, Dogecoin (-5%), Polkadot (-6%), Uniswap (-5.5%), Solana (-8%), and Chainlink (-5.5%) are deeper in red.

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

Telcoin leads the adverse trend from the lower- and mid-cap altcoins with a 20% dump to $0.12. RUNE (-15%), Axie Infinity (-13%), Enjin Coin (-12%), Stacks (-11%), Decentraland (-11%), and Amp (-10%) follow suit.

The cumulative market capitalization of all cryptocurrency assets is down by more than $50 billion since yesterday and is just shy of $1.3 trillion.

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Cryptocurrency charts by TradingView.


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