Rollercoaster: Bitcoin Dumped to 6-Week Low, Dogecoin Plunges 12% (Market Watch)

By | April 27, 2022

Just a day after it soared above $40,000, bitcoin reversed its trajectory and dumped to a six-week low beneath $38,000. The altcoins are also deep in the red, with Dogecoin losing all recent gains that came out of the Elon Musk-Twitter saga.

Bitcoin’s New Drop

After several consecutive days of price falls, bitcoin finally initiated an impressive leg up that brought it up by almost $3,000. In just a day, the asset went from $38,000 to just under $41,000. This came after last week’s rejection at $43,000 that returned the control over the market to the bears.

BTC even challenged $41,000 yesterday, but to no avail – just the opposite. It failed to breach it, and the subsequent rejection drove it south hard. In a matter of hours, bitcoin lost all of its daily gains, but this time, it kept dumping.

As a result, the cryptocurrency fell below $38,000 for the first time since mid-March. It reacted somewhat positively to this drop and now sits around $1,000 higher. Nevertheless, its market capitalization has dumped below $750 billion.

BTCUSD. Source: TradingView

Alts See Red

The altcoin market registered impressive gains yesterday, but, similar to bitcoin, it has turned red now.

Ethereum spiked above $3,000 a few days after dropping below that level. However, this was short-lived as ETH now trades at $2,900 after another 3.5% daily decline. Binance Coin is below $400, following a 2% decline.

Solana stands at $100, but it’s also slightly in the red. Ripple, Terra, Cardano, Polkadot, and Shiba Inu have all lost some traction as well.

Dogecoin has dropped the most (12%) to below $0.15. However, it’s worth noting that DOGE spiked by double-digits when news broke that Twitter had accepted Elon Musk’s offer.

Overall, the crypto market cap has seen about $100 billion evaporate in a day and is down to $1.8 trillion.

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

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source link