Bitcoin back down to just below $24,000

The past several days, more precisely since the end of last week, were highly volatile for the primary crypto currency

Bitcoin did not succeed at decisively overcoming $25,000 once more yesterday, and the ensuing rejection brought it back to just below $24,000.

Majority of altcoins have suffered even more on a daily scale, with MATIC, OKB, SOL, and a number of others dropping by nearly 7 per cent.

The past several days, more accurately since the end of last week, were very volatile for the primary crypto currency. It soared to and past $25,000 on Thursday, registering a six-month peak, before dropping just as quickly to below $23,500.

Another two attempts to overcome $25,000 followed in the last few days, with the most recent coming yesterday. It took bitcoin up to $25,200, but the asset failed once more. The ensuing rejection led it downward and bitcoin found itself sliding below $24,000 earlier today.

This plunge came amid the crash on Wall Street. The three major US stock market indexes all finished in the red. The S&P 500 and the Dow Jones dropped by 2 per cent in a day, while the Nasdaq Composite fell by more than 3 per cent.

BTC’s latest price decline has taken the asset’s market capitalization down to $465 billion. Its dominance over the altcoins has risen slightly to 42.6 per cent.

The two biggest altcoins (apart from stablecoins) by market cap – Ether and BNB – have dropped by similar percentages as BTC in the last 24 hours (2-3 per cent). As a result, ETH sits below $1,650, while BNB is below $310.

More daily declines are evident from Cardano, Polkadot, and Shiba Inu (-4 per cent). MATIC and Solana have shed the most from the top 15 altcoins, dropping more than 6 per cent in a day.

Dogecoin, Litecoin, and Avalanche have charted trivial gains. However, Filecoin has recommenced its latest streak by soaring nearly 9 per cent in a day. Accordingly, FIL now trades above $8.6.

Overall, however, the total crypto market cap saw nearly $50 billion wiped out at one point and has fallen below $1.1 trillion on CMC.