Bitcoin price experienced a nose dive towards a multi-month low of $18,400 in the last 24 hours.
Bitcoin is not the only coin undergoing value loss, as Ethereum, Ripple, Cardano, Polkadot, and other coins are experiencing substantial double-digit losses.
These assets experienced the multi-week peak over a week ago when the primary cryptocurrency was riding high, nearing $23,000 couldn’t last for long.
BTC nosedived to $20,000 as the US CPI numbers came out. After a day, it was already suffering beneath the average line.
There was a bit of calmness and positivity during the weekend, as bitcoin reached $20,000 on Sunday. The narrative was, however, altered in the last 12 hours.
BTC started losing value once more, initially to below $19,000 and subsequently in three months to its lowest price position at $18,400. As a result, bitcoin’s market cap has glided to $350 billion, and its domination over the altcoins sits at just over 39%.
The alternative coins also experienced some gains yesterday, but their situation is presently worse.
In opposition to what many expected after the Merge, Ethereum is part of the poorest performers. ETH is down by more than $300 since the Merge took place.
After the finalization of the migration from PoW to PoS on Thursday, the asset was $1,600. However, it dropped to $1,500 hours later. It presently struggles to remain above $1,300 after another 10% daily decline.
The rest of the larger-cap alts are also suffering. with drops of “just” 6.5% and 5%, Binance Coin and Tron, respectively, seem not to be taking this retracement violently.
However, Ripple, Cardano, Polkadot, Shiba Inu, Polygon, Avalanche, and Uniswap have all been dumped by double-digits on a daily scale.
It is not surprising that the overall crypto market cap has declined by almost $80 billion in a day, with the lower- and mid-cap alts in a similar circumstance. As a result, the metric is nearly below $900 billion for the first time in months.
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