Bearish Weekend: Bitcoin Drops Under $40K, Ether Below $3K
Besides ApeCoin (APE), which trades well in the green on Saturday, most assets in the cryptocurrency market see a bloodbath. Bitcoin dropped below $40,000, while Ethereum lost the $3,000 mark.
The turmoil in the crypto world continued over the previous 24 hours, and Bitcoin plunged under $40,000 – the 2nd time this week. Alternative tokens also explored red, with few exemptions. For instance, ApeCoin decoupled from the adverse market condition, gaining double-digits.
BTC Lost the $40,000 Mark
A few days ago, the primary cryptocurrency climbed to $43,000, registering its highest level within ten days. The leg-up seemed lucrative for many market players as BTC had plummeted towards monthly lows under $39,000 early on the week.
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Nevertheless, Bitcoin saw a violent rejection at the local high, reversing the optimistic trajectory within no time. The following hours saw the bellwether token plunging t $40K, where BTC spent most of its time.
However, the landscape worsened further as Bitcoin lost the coveted mark and slumped to $39,000. For now, BTC recovered some dollars but remained under the vital $40,000. As a result, Bitcoin’s market cap saw another blow and plummeted to $750B after slightly surpassing $800B early this week.
Ethereum Beneath $3K, APE Soars
The altcoin market has mimicked BTC mostly as far as the latest price performance is concerned. That means most alts explore the red region at the moment. Ethereum hit multi-day peaks on Wednesday/Thursday at $3,200 but could not extend upside. Yesterday’s trading session had the leading alt plunging towards $3,000 before diving lower to trade at $2,958 at this publication.
Binance Coin managed to steady beyond $400 even with today’s 1.5% drop. Declines from large-cap altcoins came from Shiba Inu, Dogecoin, Cardano, Avalanche, Terra, Solana, and Ripple. Further losses were visible in Theta Network (-11%), Decred (-13%), Convex Finance (-10%), Secret (-6%), Polygon (-6%), and THORChain (8%).
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ApeCoin was among the few tokens that decoupled from the broad market. BAYC’s native coin gained 17% within the past 24 hours, nearing its all-time highs.
Meanwhile, the global market capitalization of all digital currencies lost around $50 billion.
Stay tuned for more crypto updates.