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Following several days of sideways trading, bitcoin finally encountered some volatility that caused it to drop by approximately $1,000.
Most altcoins have also turned bearish. Binance Coin is one of the few exceptions, as the asset has surged above $330.
BTC Declines by $1K
Significant volatility occurred on Wednesday and Thursday of last week when the leading cryptocurrency surged from $27,000 to $30,000, only to revert to the former shortly after due to misinformation. However, as the issues surrounding First Republic intensified and the false reports were debunked, BTC rallied once more, approaching $30,000.
Nevertheless, the bears intervened and prevented any further gains. Instead, BTC retraced by several hundred dollars and stabilized just above $29,000.
The situation shifted late Sunday when the asset surged toward $30,000 again, but the subsequent rejection caused a sharp decline. Within hours, BTC dropped by nearly $2,000, reaching $28,300 (on Bitstamp).
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Currently, it is a few hundred dollars above that level, but it remains down 2.3% for the day and is positioned below $29,000. Its market capitalization has decreased to $550 billion, and its dominance over altcoins has slightly retraced to 46.9% on CMC.
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BTCUSD. Source: TradingView
BNB Resists Market Trends
As is often the case during periods of increased volatility with BTC, altcoins are also affected. Ethereum remained stable over the past few days at $1,900, but a 3.3% daily decline has brought it down to $1,850 at present.
Ripple, Cardano, Dogecoin, Polygon, Polkadot, Litecoin, Shiba Inu, and Avalanche have all experienced similar percentage declines. Binance Coin, however, has managed to resist the prevailing market sentiment. BNB has increased by nearly 4% in a day and is well above $330.
Additional losses are evident from ATOM, ICP, APE, and most other mid- and lower-cap altcoins. In contrast, PEPE surged by over 90% on a daily basis following a listing on OKX, entering the top 100 coins by market capitalization.
Regarding the overall cryptocurrency market capitalization, it has decreased by approximately $30 billion in a day, falling to well below $1.2 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
