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.
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.