After spiking above $25,000 to a new two-month high, bitcoin was violently rejected at that point and dumped by more than $1,000 in hours.
Most altcoins are also deep in the red today, following the past few days of charting gains. Shiba Inu, though, is among the exceptions.
Bitcoin Stopped at $25K
Ever since the price drop below $23,500 at the end of last week, BTC has been performing rather well. The asset reacted immediately to that decline and neared $25,000 by Saturday.
It failed to breach that level at first and retraced by several hundred dollars. However, it went on the offensive once more on Sunday and, for the first time in over two months, touched that coveted line briefly.
Another retracement followed, but the bulls were determined to keep climbing. As a result, BTC jumped to another multi-month high of just over $25,200.
As the community was finally rejoicing and anticipating another leg up, the cryptocurrency reversed its trajectory and dumped by more than $1,000 in hours. As such, it currently trades at around $24,000. Nevertheless, its market cap still stands above $450 billion, but its dominance over the alts has taken another hit and is down to 40.1%.
BTCUSD. Source: TradingView
Shiba Inu Defies the Alts
The alternative coins were riding high in the past few days but, similar to bitcoin, are deep in the red now.
Ethereum painted a multi-month high of its own above $2,050 during the weekend. However, a 4.5% decline in the past 24 hours has pushed the second-largest crypto back down to $1,900.
Binance Coin, Cardano, and Ripple have dropped by similar percentages. More daily losses are evident from Solana, Polkadot, Avalanche, and Polygon.
Interestingly, the two-largest memecoins – Dogecoin and Shiba Inu – are taking this current correction rather well. DOGE stands at essentially the same level as yesterday, while SHIB is actually in the green with a 7% daily increase. Consequently, the self-described Dogecoin-killer trades at a local peak of $0.000016.
Nevertheless, most lower- and mid-cap alts are deep in the red as well. As such, the crypto market cap has seen over $50 billion gone in a day, and the metric is down to $1.150 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.
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