Bitcoin Drops below $17K as Altcoins Swims in Red


Bitcoin slips below $17K after flirting with that level for a few days, while altcoins are mainly in the red today.

After flirting with and above the $17K level for a few days, Bitcoin’s price has been unsuccessful in charting any significant gains above it. Finally, the bears seem to have taken over and pushed the cryptocurrency below it.

This happens as the entire market capitalization lost around $20 billion in the past 24 hours, and altcoins are predominantly trading in the red.

The past 24 hours haven’t been particularly favorable throughout the entire cryptocurrency market. BTC’s price seems to have lost the $17K mark, and it’s currently trading slightly below it – around $16,800 (on Binance).

Bitcoin is currently down around 1.3% on the day but remains up by 2.2% on the weekly. Over the past few days, the BTC dominance – the metric that tracks its share relative to that of the entire market – has also been trending upwards. This goes to show that BTC is slightly more dominant compared to altcoins during this period.

The altcoin market is also covered in red throughout the past 24 hours, with no exceptions coming from the top cryptocurrencies – as seen in the heatmap below.

Top of Form

Despite the current downturn, though, there are some altcoins that are performing extremely well. For example, Radix (XRD) is up a whopping 25% in the last day, making it the best performer amongst the top 100 altcoins during the past 24 hours. XRD is followed by Frax Shares (FXS), which are up to 7.5%.

On the other hand, the coin powering the Aptos ecosystem – APT – is down 8.9%, and it’s the worst performer on that list, followed by Tokeniz Xchange’s TKX (down 8.2%).

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