More Chinese FUD caused significant price drops in the market as ether plummeted to its lowest price line in a month below $2,000.
After a somewhat stagnant weekend in which the BTC remained in a range between $35,000 and $36,000, the asset fell to a two-week low of just over $32,000. Most altcoins performed even worse, with ETH plummeting below $2,000 for the first time since May.
Altcoins in red; ETH below $2K
Altcoins have been gradually decreasing in value over the past few days. Ethereum is at the forefront of trading well over $2,600 less than a week ago.
However, the second largest digital asset has lost several hundred dollars in days, and the last 24 hours has only worsened its performance. ETH has dropped more than $300 in a relatively short period to an intraday low of $1,980 (on Bitstamp). As a result, the asset dropped below $2,000 for the first time since May 23rd.
The situation with the rest of the alts is quite similar, and they are all deep red on a 24-hour scale.
Binance Coin (-4.5%), Cardano (-4.5%), Dogecoin (-8.5%), Ripple (-7%), Polkadot (-10%), Uniswap (-8.5%) , Bitcoin Cash (-9%), Litecoin (-8.5%), Solana (-10%) and Chainlink (-5%) lost considerable chunks of value.
Of the low- and mid-cap alts, Stacks lost the most after a 17% dump. BakeryToken (-15%), NEM (-14%), SushiSwap (-14%), Qtum (-13%), Amp (-13%), ICP (-13%) and Chiliz (-13%) are more some club representatives of double-digit price decline.
Ultimately, the cumulative market capitalization of all cryptocurrencies lost more than $120 billion in one day to less than $1.4 trillion.
Bitcoin sees a two-week low
The BTC situation is not so different. Despite the drop in value for a few days, BTC had recovered some losses over the weekend and hovered around $36,000.
The price trajectory changed quickly after the new FUD coming from China. The country’s third-largest bank banned all of its customers from handling digital assets, which immediately impacted the market.
As a result, BTC dropped over $2,000 in a few hours and $4,000 on a 24-hour scale. The asset dropped to just over $32,000, which became its lowest price in about two weeks.
Despite having recovered about $1,000 since then, bitcoin is still more than 6% down on the day, and its market value is just over $600 billion. Its market dominance has increased slightly only because alts are even worse today.