Bitcoin drops below $28k as the crypto hits weekly lows

The altcoins are no better, with MATIC, SHIB, XRP, and AVAX dropping sharply from the larger-cap altcoins

Bitcoin’s downtrend continued over the weekend, and the asset dropped beneath $28k for the first time in nearly a week.

The altcoins are no better, with MATIC, SHIB, XRP, and AVAX dropping sharply from the larger-cap altcoins.

The increased volatility last week resulted in a price jump to just below $30k on Friday night. While the bulls were getting ready to eventually take down that level, the bears did not permit any further raises.

Just the opposite, bitcoin began dropping quickly and dropped below $28,500 on Saturday. Sunday was less eventful, with bitcoin staying near $29k for most of the day.

As the weekend was coming to its end, however, the scenario changed for the worse once again. This time, bitcoin dropped below $28k to chart its lowest price tag in around a week.

The asset still struggles to recoup that level now. Its market cap has dipped to $540bln as bitcoin stands 3.5 per cent lower on the day. Its dominance over the altcoins is somewhat steady at 47 per cent.

As it typically happens when bitcoin declines, so do most of the altcoins. Ethereum has followed bitcoin’s price drop and is down to $1,850. Binance Coin, Cardano, Dogecoin, Solana, Tron, and Litecoin have all also dropped by around 3-4 per cent.

More daily drops can be seen from Polygon, Ripple, Shiba Inu, and Avalanche from the larger-cap altcoins. They have shed 5 per cent or more.

More losses come from cryptos like NEAR, APB, LDO, ICP, FTM, and HBAR – they are 6-7 per cent lower.

On the whole, the total crypto market cap has dropped to $1.115T on CMC. As such, the metric has declined by $40bln daily and $60bln in the past two days.