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BTC and Altcoins Market Update: Situated at $30K, Altcoins Experience a Red Day

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Monday starts on a similar note as the entire weekend went, with BTC sitting still at around $30,000.

The altcoins turn red

The altcoins have turned red today, with AVAX, LTC, LDO, SOL, TRX, and others dropping by up to 6%. PEPE has declined by over 7% in a day.

BTC to Lose $30K?

After a relatively calm week, which saw a few attempts from BTC to overcome $31,000, the asset experienced enhanced volatility on Friday. This came as it pumped to $31,500 to register its highest price tag in 13 months, but the bears were watching closely and acted fast.

They took control of the market and pushed the cryptocurrency south hard. As a result, bitcoin fell all the way down to $29,700 just hours later (on Bitstamp).

However, the asset managed to bounce off rather quickly and reclaimed $30,000 by the time the weekend came. As it typically happens on Saturday and Sunday, the trading volumes declined, and BTC remained stuck at just over that level.

Monday behaves similarly

So far, Monday has been predominantly similar, with bitcoin trading just inches above $30,000. Its market cap is still below $590 billion, but its dominance over the alts has tapped 50% on CMC.

BTCUSD. Source: TradingViewPEPE Drops by 7%

ETH has mimicked BTC’s performance in the past 24 hours and is down by under 1%. As a result, the second-largest cryptocurrency struggles at $1,850. Ripple’s situation is similar, and a 0.5% decline has pushed XRP to $0.47.

However, most other larger-cap alts have dropped harder. BNB, ADA, DOGE, DOT, MATIC, and BCH have all lost between 1% and 2% in a day, while SOL, TRX, LTC, and AVAX are down by up to 5%.

PEPE has plummeted the most from the top 100 alts. The meme coin is down by over 7%.

In contrast, COMP, being among the few alternative coins with gains today, has soared by 10% and sits close to $60.

The total crypto market cap has seen $20 billion gone daily and is down to $1.170 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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