Solana and LUNC Crash by Double Digits (Market Watch)

After bitcoin’s failure at $17,000 yesterday, the asset has retraced by just a few hundred {dollars} and dipped towards $16,500 earlier at the moment.

The altcoins have suffered much more, led by large every day worth declines from the likes of Solana and Terra Classic.

Altcoins in Red

Most alts had been moderately calm prior to now few days, however that has modified on a every day scale now. Ethereum stood above $1,200 for a few week, however a 2% decline has pushed it to only beneath that degree.

Ripple, Cardano, MATIC, Polkadot, Tron, Litecoin, and Shiba Inu have all retraced by as much as 5% in a day. Dogecoin has seen an even bigger worth drop of 5.5%, and the first-ever memecoin is near breaking beneath $0.07.

However, Solana’s worth decline is essentially the most substantial of the highest 20 digital belongings. SOL is down by over 10% in a day and dipped beneath $10 earlier.

LUNC has additionally gone down arduous following a burning mechanism replace from Binance. The asset was among the many best performers prior to now few days, however a 12% drop now has taken it all the way down to $0.0002.

The crypto market cap has shed off $15 billion every day and has dipped beneath $800 billion on CoinMarketCap.

Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Stopped Ahead of $17K

Despite final week’s mid-week volatility, which noticed BTC dropping to a three-week low of $16,300, the asset truly closed the seven-day interval at exactly the identical level it was the earlier Monday.

With the beginning of the brand new one, bitcoin went on a minor offensive and got here near $17,000. However, the bears intercepted the transfer as they’ve been doing for weeks now and pushed the asset south.

This resulted in a worth decline to $16,550. BTC has reclaimed just a few hundred {dollars} since then, nevertheless it’s nonetheless over 1% down on the day.

Its market capitalization has slipped to $320 billion, however its dominance over the altcoins is as much as 40.1% as they’ve bled out extra.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.

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About the Author: Daniel