Bitcoin Slips Below $17K as Altcoins Swimming in Red (Market Watch)

After flirting with and above the $17K degree for a couple of days, Bitcoin’s worth has been unsuccessful in charting any vital positive factors above it. Finally, the bears appear to have taken over and pushed the cryptocurrency under it.

This occurs as the whole market capitalization misplaced round $20 billion in the previous 24 hours, and altcoins are predominantly buying and selling in the crimson.

Bitcoin’s Price Losing $17K

The previous 24 hours haven’t been notably favorable all through the whole cryptocurrency market. BTC’s worth appears to have misplaced the $17K mark, and it’s at present buying and selling barely under it – round $16,800 (on Binance).

Source: Binance by way of TradingView

Bitcoin is at present down round 1.3% on the day however stays up by 2.2% on the weekly. Over the previous few days, the BTC dominance – the metric that tracks its share relative to that of the whole market – has additionally been trending upwards. This goes to point out that BTC is barely extra dominant in comparison with altcoins throughout this era.

Altcoins Swimming in Red

The altcoin market can also be lined in crimson all through the previous 24 hours, with no exceptions coming from the highest cryptocurrencies – as seen in the heatmap under.

altcoins_heatmap_071201
Source: Quantify Crypto

Despite the present downturn, although, there are some altcoins which might be performing extraordinarily properly. For instance, Radix (XRD) is up a whopping 25% in the final day, making it the very best performer amongst the highest 100 altcoins in the course of the previous 24 hours. XRD is adopted by Frax Shares (FXS), which is up 7.5%.

On the opposite hand, the coin powering the Aptos ecosystem – APT – is down 8.9%, and it’s the worst performer on that record, adopted by Tokeniz Xchange’s TKX (down 8.2%).

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Cryptocurrency charts by TradingView.

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