Bitcoin Dumped to 2-Week Low, ApeCoin Nosedives 8% (Market Watch)

After several days of trading sideways around $27,000, bitcoin took a turn for the worse and fell to its lowest price position in almost two weeks.

Altcoins aren’t in much better shape, with ETH falling below $1,800 and ADA shedding 3% on the day. LDO is one of the few exceptions with daily gains.

BTC Down to 2-Week Low

After the price dropped to $26,500 last week, bitcoin recovered most of the losses and stood above $27,000 during the weekend. The start of the week was more positive as the cryptocurrency jumped to $27,500 on Tuesday to chart a multi-day high.

However, the bears stopped the move and did not allow any further rise. In contrast, they pushed the asset back to $27,000.

The past 24 hours have brought more pain for the bulls as BTC shed more than a grand at one point and dropped below $26,000 for the first time since May 13. Despite -bounce and recover a few hundred dollars since low, bitcoin is still around. 2% down on the day.

As such, its market capitalization decreased to $505 billion. Its dominance in alts has also taken a slight hit and currently stands at 46.1% of CMC.

Monkey Falls Hard

As is often the case when BTC heads south, so do most altcoins. Ethereum is a prime example. The second largest digital asset was down more than 2% and traded below $1,800.

Binance Coin is back at $305 after a 1% daily decline. Additional losses in the top 15 coins come from the likes of Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, Shiba Inu, and Avalanche.

However, ApeCoin and Algorand are the most out of the top 50. APE is down more than 8% to $3.2, while ALGO is down 5% to $0.15.

The crypto market cap shed another $20 billion in one day (and over $40 in two days) and dropped exactly $1.1 trillion in CMC.