Bitcoin Slumps Below Previous ATH: ETH Reached $2550 (Market Watch)

After nearing $64,000, bitcoin’s price has plummeted by about $3,000 in a matter of minutes and tested $61,000. Most altcoins have followed along south with the apparent exception of Dogecoin. DOGE has painted a new all-time high at $0.3 after a triple-digit price surge.

Bitcoin Falls by $3K

The primary cryptocurrency had a mainly bullish week in which it finally overcame $60,000 and went on to register consecutive all-time highs. Following the latest one at just shy of $65,000, however, the asset reversed its price trajectory.

As reported yesterday, BTC dipped to an intraday low beneath $61,500. The cryptocurrency bounced off initially and spiked to nearly $64,000 hours ago.

However, the situation has reversed since then, and BTC slumped by roughly $3,000. As such, bitcoin dipped to $61,000 but has recovered some ground and currently stands at $61,500.

Furthermore, the asset’s market dominance keeps registering new lows. After breaking below 53% yesterday, the metric comparing bitcoin’s market capitalization with all other cryptocurrency assets has declined even more to just north of 52%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Larger-Cap Alts in Red But Not DOGE

Most of the largest cap altcoins also enjoyed the past several days with new all-time highs. Such was the case with Ethereum, which skyrocketed to roughly $2,550 for its latest record in the past 24 hours. However, similarly to its leader, ETH has declined steeply by more than $140 and currently sits around $2,400.

Despite intraday pumps, Binance Coin, Ripple, Cardano, Polkadot, and Uniswap are also well in the red. On the other hand, Litecoin (4%) and Chainlink are slightly in the green.

However, Dogecoin is once again the most spectacular performer. Everyone’s favorite meme coin skyrocketed by more than 100% earlier today and touched $0.3 for a new all-time high. Despite retracing to $0.25 in the following hours, DOGE has reaffirmed its spot in the top ten and is currently the 8th largest crypto by market cap.

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

More gains come from Ethereum Classic (36%), Horizen (30%), Curve DAO Token (26%), Chiliz (26%), Maker (22%), Neo (14%), Qtum (13%), and Bitcoin Cash (12%).

Although some coins have marked substantial losses as well, such as KuCoin Shares (-15%), WazirX (-14%), THORChain (13%), Klaytn (-13%), and more, the total crypto market cap has remained above $2.2 trillion.

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Cryptocurrency charts by TradingView.


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