September 24, 2022

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BTC Fights $40K, ETH Dumps Below $2.8K

BTC Fights $40K, ETH Dumps Below $2.8K

Bears continue to pressure the cryptocurrency market with Bitcoin dropping below $40K for the first time in two weeks. Altcoins are also deep in the red once again, with Ethereum slipping below $2800 and prices dropping significantly from Solana, Avalanche, MATIC and others.

Bitcoin Struggling Around $40K

It was only three days ago when the scene around the biggest cryptocurrency sounded noticeably more optimistic. The asset had recovered from its recent lows to $42,000 and in fact a challenge $45,000, however, to no avail.

Bears are back on the scene and gradually pushing Bitcoin south to around $44,000 before this situation got worse On Thursday and Friday.

Within hours, bitcoin tumbled around $4,000, thus dropping below the January 2021 ATH of $42,000. Initially, the coveted mark of $40 thousand was maintained, but Bitcoin retracted after hours and dropped to $39,500 for the first time since early February.

As of now, Bitcoin has regained some ground and is at around $40K. However, its market capitalization has fallen to just over $750 billion, days after it approached $850 billion.

BTCUSD. Source: TradingView

Altcoins when they collapse

Altcoins largely mimic the performance of BTC lately, which means that most of them are in the red today. Ethereum is a prime example. It stood above $3,200 earlier this week, but fell below $3,000 a day later, and now finds itself struggling under $2,800 after the 5% daily drop.

The prices of Solana, Avalanche, Sheba Inu and Matic fell by similar proportions since yesterday. This means that SOL is trading at $90, AVAX at $85, SHIB at $0.000028, and MATIC at $1.6.

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Binance Coin, Ripple, Cardano, Polkadot and Dogecoin are also appearing in red on a daily scale.

With most of the low- and mid-volume alerts also suffering, the entire cryptocurrency market cap is somewhat expected to drop by another $50 billion since yesterday. The measure, which crossed $2 trillion just days ago, is now just over $1.8 trillion.

An overview of the cryptocurrency market.  Source: Quantify Crypto
An overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency Schemes by TradingView.