Yesterday’s gains were quickly erased in the cryptocurrency markets, with some alts, such as PI, DOGE, and XRP, marking big losses.
Bitcoin’s weekend price rally came to an end at just over $70,000, and the asset was pushed south to $68,000, where it found some support.
Most altcoins have turned red as well, with ETH going below $2,000 and XRP plummeting below $1.50. Dogecoin is among the worst performers in the past 24 hours.
BTC Rally Stopped Above $70K
The primary cryptocurrency went through some enhanced volatility at the beginning of the current month, mostly downward. The culmination took place on February 6, when it plunged to a 15-month low at $60,000 after losing $30,000 in just under two weeks.
Then came the bounce-off as BTC rocketed by $12,000 to $72,000. It was stopped there and spent the following few days trading sideways between $72,000 and $68,000. The lower boundary gave in mid-week, and bitcoin slipped to under $66,000.
The bulls finally stepped up after this point and helped prevent another leg down. Just the opposite, BTC started to gain traction at the end of the business week and jumped to over $69,000. It continued to climb above $70,000 on Saturday and Sunday before it was stopped there and driven to $68,000 on Sunday evening.
It has recovered some ground since then, but still trades below $69,000 as of press time. Its market cap is down to $1.375 trillion on CG, while its dominance over the alts still stands at 56.6%.
Alts Heading South
Ethereum was quickly rejected at $2,100 over the weekend and now struggles below the psychological $2,000 level. Ripple’s XRP skyrocketed yesterday to over $1.65 but was stopped and pushed south to under $1.50 as of press time. DOGE was the top gainer yesterday from the larger-caps, but it’s now down to $0.10 after a 9% daily drop.
Other big losers over the past day include XMR, ZEC, WLFI, and MNT. Pi Network’s native token has also faced a violent rejection. It was stopped at over $0.20 yesterday and is now down to just over $0.17 on CoinGecko.
The total crypto market cap has lost $70 billion in a day and is down to $2.425 trillion on CG.
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