Аfter touching a ten-day high above $39,000, Bitcoin price went on the downturn and dipped below $37,000
Cryptocurrency market capitalization has been down over $100 billion since yesterday’s peak as all digital assets have fallen. After hitting a ten-day high above $39,000, Bitcoin price continued its downturn and dropped below $37,000. Altcoins have also dropped in price today, with Solana being the most significant loser following mining on a network bridge worth $320 million in ETH.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price slips below $37,000
The past few days have gone pretty well for the biggest cryptocurrency. After dropping to $36,500 on Monday, the asset changed its trajectory and increased in value.
This resulted in a push above $38,000 and even several consecutive attempts to challenge $39,000. The latest price that appeared briefly broke through that level, becoming the highest price in ten days.
However, BTC stalled for the next 12 hours, as reported yesterday. After failing to challenge $39,000 again, the bears stepped up and pushed the cryptocurrency south. This time, bitcoin rose to $36,500 again.
Currently, it has recovered several hundred dollars and about 37,000 dollars. As a result, its market cap almost broke below $700 billion. Altcoins recorded impressive gains on Tuesday before stagnating on Wednesday. Now, however, most are in the red.
Ethereum hit $2,800 two days ago, marking a multi-week high. However, since then, the 3% drop has sent the second-largest cryptocurrency below $2,700.
Similar daily price drops are evident from larger cap coins from Binance Coin, Cardano, XRP, Dogecoin, and Shiba Inu. Polkadot, Terra, and Avalanche charted the more significant losses, while Solana was the biggest loser.
After a mining attack against a Solana-based bridge called Wormhole, the perpetrators transferred $320 million worth of ETH, SOL began to increase in value. Currently, the asset is down 10% in a day to less than $100.
The crypto market capitalization is down $110 billion since yesterday’s peak and has reached around $1,674 trillion.
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