After bitcoin's failure to defend the $17,000 level yesterday, the price of bitcoin plummeted by losing several hundred dollars and dropped towards $16,500 earlier today.
Altcoins on the other hand fell more led by massive daily price drops from the likes of Solana and Terra Classic which also impacted the crypto market. Most altcoins have been relatively quiet for the past few days, but they have been changing on a daily scale now. Ethereum has been above $1,200 for about a week, but a 2% drop has pushed it below that level.
Ripple, Cardano, MATIC, Polkadot, Tron, Litecoin and Shiba Inu have all retraced up to 5% on the day. Dogecoin has seen an even bigger price drop of 5.5%, and the first memecoin is close to falling below $0.07.
However, Solana's price drop was the most significant of the top 20 digital assets. SOL is down over 10% intraday and was below $10 earlier. LUNC also suffered a severe decline following the burning mechanism update from Binance. The asset has been one of the best performers over the past few days, but a 12% drop has now brought it down to $0.0002.
The crypto market cap has decreased by $15 billion daily and has dipped below $800 billion on CoinMarketCap.
Despite the volatility in the middle of last week, where BTC price fell to a three-week low of $16,300, BTC still managed to close the seven-day period at the same point the previous Monday.
With a fresh start, bitcoin tried to bounce back and was close to hitting $17,000. However, the surge was unsuccessful. This resulted in a price drop to $16,550. BTC has reclaimed several hundred dollars since then, but it's still down over 1% today.
Its market cap has declined to $320 billion, yet its dominance over altcoins is up to 40.1%.
