Ethereum

All Top 40 Coins With ALGO Aside Are In The Red, BTC Drops Below $50K


All top 40 coins on the crypto market cap list ALGO excluded, are in the red while Bitcoin dropped below $50K and Ethereum plunged once more so let’s take a closer look at today’s altcoin news.

ALGO is the only bigger-cap digital asset in the green today while Bitcoin, Binance Coin, Ethereum, and others dropped once again. The price corrections on the crypto market continued as BTC failed to reclaim the $50K spot and other altcoins got into the red today with Ethereum breaking below $4000. We saw some substantial drops from Terra, Avalanche, Polkadot, Ripple, and Solana as well. It’s safe to say that the BTC price saw some better days which were not that long ago. On Friday, the cryptocurrency traded around $58K after its latest unsuccessful attempt to overcome the resistance at $59,000.

btcusd
BTCUSD. SourceTradingView

This is where the situation changed for worse when BTC crashed to $51,0000 before another huge dump drove it to a new monthly low of $42,000. After the massive $16,000 drop, the asset managed to rise slightly to $50,000 and it stood there for a while but then failed to conquer it. As a result, BTC retraced to $48,000 and its market cap is now down to just over $900 billion. The alternative coins all dropped on Sunday morning and tried to recover on Sunday but most of them ended up in the red again. Ethereum surpassed $4300 yesterday before another 4.5% drop which drove the second biggest crypto asset to just over $4000 but if you want to check the real-time value, make sure to check our Ethereum price calculator.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

All top 40 coins dropped like Binance Coin for example that dropped by 3% and below $560, Solana dropped by 9%, Cardano by 5.5%, Polkadot by 8%, Ripple by 7%, Shiba by 6.5%, and Doge by 6%. Terra, CRO, and Avalanche dumped even more than the double-digit percentages compared to other coins. Algorand is the only bigger cap altcoin that is in the green today following a 3% increase. More daily losses came from Quant which dropped by 17%, Kadena which dropped by 24%, Fantom by 16%, THORChain by 15%, Helium by 15%, and Immutable by 20%. The crypto market cap is down by $120 billion since one day ago and $400 billion since Friday.

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