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After closing its worst trading quarter in three years, bitcoin continues with its price slumps with a $2,000 drop to just over $33,000. Most alternative coins have also wiped off their recent gains, with ETH close to breaking below $2,100 and BNB sliding well beneath $300.

Bitcoin Drops $2K

The past several days were going rather well for the primary cryptocurrency as it recovered more than $6,000 of value since the weekend bloodbath. It even went towards a 12-day high of over $36,500, as reported yesterday.

Despite the positive news coming from giants like George Soros’ Investment Fund, though, the cryptocurrency started to retrace in the past 24 hours. It firstly dropped to around $34,000, but the bulls didn’t release the control yet and pushed it above $35,000 once more.

However, the bears hadn’t given up and drove the asset south again. This time, BTC’s nosedive was more violent, and it fell to just over $33,000. As such, bitcoin continues with its adverse trading trajectory after closing its worst quarter since 2018 with a 41% decline.

BTC’s market capitalization has dropped to just over $600 billion, while its dominance has also decreased a bit from 46% to 45.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red; ETH Fighting for $2,100

The alternative coins also enjoyed the past several days with multi-week highs from several of them. Ethereum was a valid example as it added more than 30% of value in days to well over $2,200.

However, ETH has lost more than $100 since then and is currently close to breaking below $2,100.

Binance Coin spiked above $300 as well, but a 4% decline has driven the asset to around $285. Cardano (-1.5%), Dogecoin (-5.5%), Ripple (-3.5%), Polkadot (-3.5%), Bitcoin Cash (-4%), Litecoin (-4%), and Chainlink (-5.5%) are also well in the red from the larger-cap altcoins.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

As the graph above demonstrates, Maker is one of the very few gainers. MRK is up by double-digits since yesterday to above $2,600.

In contrast, Ethereum Classic, UMA, Qtum, Bitcoin Gold, Nano, ICP, THORChain, Shiba Inu, Celo, Theta Fuel, and Filecoin have also retraced by double-digits.

The cumulative market cap of all cryptocurrency assets has lost about $80 billion in a day to below $1.4 trillion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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