Bitcoin price continued to depreciate gradually when dumping down to just over $38,000. At the time of writing, BTC is changing hands at $38,222. Most altcoins are even more outflow.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price dips to $38,000 with further losses insight
Bitcoin’s troubles have only increased in the last 24 hours as the asset again dropped several thousand dollars to a 16-day low of $38,000. Altcoins are also in the red, with Ethereum at $2,600, Cardano (ADA) below $1, and Avalanche (AVAX) below $80.
It’s safe to say that Bitcoin has had better days, which wasn’t that long ago. On Tuesday and Wednesday alone, the cryptocurrency recovered from its most recent dumping to $42,000 and rallied to nearly $45,000. However, it could not continue upward when the bears took to the field. Within hours, they pushed the asset south, and BTC found itself struggling to sustain above $40,000.
Although it initially managed to hold that level, the bears kept the pressure and pushed it below it for the first time since early February, as reported yesterday. The situation worsened in the following hours, and bitcoin dropped to just over $38,000, becoming a new two-week low.
![bitcoin-price-continued-to-depreciate-gradually-when-dumping-down-to-just-over-38000[1]](https://d3f5j9upkzs19s.cloudfront.net/azcoinnews/wp-content/uploads/2022/02/bitcoin-price-continued-to-depreciate-gradually-when-dumping-down-to-just-over-380001.png)
Source: Santiment
Altcoins took a hit yesterday, and the trend continues today. Ethereum dropped another 6.5% on a daily scale and struggled to sustain above $2,600. It should be noted that the second largest cryptocurrency stood above $3,200 earlier this week. As a result, Bitcoin’s market cap has dropped to $725 billion after nearly hitting $850 billion the day before.
The situation with the rest of the larger cap alts is similar. Binance Coin has dipped below $380 after a 6.5% drop, Cardano trades below $1 after a 7% drop, and Avalanche is below $80 after an 8% drop.
Solana, Terra, Polkadot, Dogecoin, MATIC, and CRO are also red, and white Shiba Inu lost the most (-11.5%) and at $0.000025. Most of the lower- and mid-cap altcoins are in even worse shape, led by double-digit losses from BitTorrent (-16%), Frax Share (-13%), Gala (-11%) ), Radix (-11%), Harmony (-11%), and Helium (-10%). As a result, the crypto market capitalization dropped by almost $100 billion in a single day to just over $1.736 trillion.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
Read more:
- Bitcoin Price Falls Below $40,000, What Will Happen?
- Bitcoin Price Fell Below $40,000 For The First Time In Two Weeks