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26 February 2021
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Bitcoin price dips below $35,000 as crypto market shrinks by $50 billion

  • Bitcoin price dips below $35k.
  • The market cap of the industry drops by close to $50 billion.

In the last 24 hours, Bitcoin price rallied up to $38k before dipping below $35k. The crypto asset’s inability to maintain its upward movement led to a drop in the coin’s dominance, which affected other altcoins, as they also lost some of the gains they made.

Previously, Bitcoin price was hovering around $36k -$37k; bears curtailed its rise to $38k as they took control of the market, which led to a downgrade in the asset’s value. This run, plus the losses garnered by other crypto assets, resulted in the industry’s market cap dropping by close to $50 billion.

However, Bitcoin has been able to reclaim its previous level, but despite this, the asset is still almost three percent lower than its previous value.

The indicators show that the asset has lost the first support levels at $37k and $36k. So, if the crypto asset keeps losing value, its next support level is at $34,800 and lesser.

Bitcoin dominance in the market has been curtailed as it now stands at 64.9 percent. This is a six percent drop for the leading crypto asset.

Bitcoin price plummets, altcoins follow suit

Bitcoin is not the only crypto asset to see its value drop considerably in the last 24 hours. Altcoins have also seen the value of their assets drop, mirroring that of the leading crypto asset.

While there were speculations that the altcoin season might just be on the way, indications from yesterday proves that this might be a false dawn.

Binance Coin and Polkadot lost the highest value. Approximately seven percent of their values were dropped, with BNB falling to $42 while DOT dropped to $16.

Bitcoin Cash, Chainlink, and Cardano also lost between two to four percent of their gains.

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