The leading cryptocurrency has dropped below $19K for the first time in more than 60 days. For a number of reasons, investors seem to be undervaluing bitcoin. The success of the American stock market is, as usual, closely related to the asset’s fall.
According to reports, shortly after yesterday’s price spike, bitcoin’s course was altered as it fell beyond $19,000, setting a multi-week low.
Many alternate coins are also affected by this drop, as they are all in deep red today, despite registering a significant increase yesterday. Ethereum was not left out as well, as all its recent gain has been wiped completely.
Bitcoin Drops Lower Than $19K
Since late last month, Bitcoin has dropped below its targeted $20 000 line; the coin hasn’t registered any significant activities. Although it has attempted multiple times to regain the level, all its efforts were unsuccessful.
One of these futile attempts was experienced just yesterday as the coin rose to $20 300, just as it does almost every day. As before, the currency was unable to establish itself at this price as it dropped quickly below it again.
Since then, the cryptocurrency has been registering continuous deterioration over the last 20 hours as it plummeted to $1,000. This resulted in a six-week low of slightly above $18,500 just a few hours ago.
Although the coin has increased by a few dollars ever since it has still not been able to attain the $19,000 height. As a result, the market cap has decreased to $360 billion, as its superiority over altcoins stays at 38.2%.
Altcoins Suffer, Drop Red
As mentioned earlier, a lot of altcoins registered impressive increments just yesterday, most importantly, those related to Ethereum. The second-largest coin soared to a multi-day high as a result of the hype of the Merging and the Bellatrix upgrade.
But the panorama among the alternative coins has suffered drastically in the last 24 hours. Ethereum is currently on the list of the most significant losers at a daily dump rate of 9%. As a result, the asset fails to hold its value of over $1,500.
The Ethereum Classic, another coin that soared excellently yesterday, is currently down by around 16%, which is around $34 in the last 24 hours.
The Shiba Inu, Ripple, Binance Coin, Dogecoin, Polkadot, Solana, and MATIC have also suffered greatly, as they are all currently in deep red. Their loss amounts to close to 10% every day.
The mid-and lower-cap alternative coins are not left out, they are all red! Due to this, the total market value of all crypto assets has decreased to $940 billion after losing $60 billion in a single day.