Bitcoin’s woes only intensified in the last 24 hours when the asset dropped a few thousand dollars again to a 16-day low of $38,000. Altcoins are also in the red, with Ethereum at $2,600, Cardano well below $1, and AVAX below $80.

Bitcoin dumps again

It is safe to say that Bitcoin has seen better days that were not so long ago. On Tuesday and Wednesday alone, the cryptocurrency recovered from its last dump to $42,000 and jumped to nearly $45,000.

However, it was unable to continue higher when the bears came out to play. Within hours, they pushed the asset south and BTC found itself struggling to stay above $40,000.

Although it initially managed to hold that level, the bears kept up the pressure and took it below it for the first time since early February, as reported yesterday. The picture worsened in the hours that followed and Bitcoin fell to just over $38,000, which became the new lowest price point in two weeks.

As such, bitcoin’s market capitalization has dropped to $725 billion after nearly $850 billion days ago.

BTCUSD. Source: TradingView

Altcoins bleed out

Altcoins suffered yesterday and the trend continues today. Ethereum is down another 6.5% on a daily basis and is struggling to stay above $2,600. It is worth noting that the second largest cryptocurrency topped $3,200 earlier this week.

The situation with the rest of the larger-cap alternatives is somewhat similar. Binance Coin has dipped below $380 after a 6.5% drop, Cardano is trading below $1 after a 7% drop, and Avalanche is below $80 after an 8% decline.

Solana, Terra, Polkadot, Dogecoin, MATIC and CRO are also in the red, while Shiba Inu has lost the most (-11.5%) and stands at $0.000025.

Most small- and mid-cap altcoins are in even worse shape, led by double-digit losses from BitTorrent (-16%), Frax Share (-13%), Gala (-11%), Radix (-11%). %). Harmony (-11%) and Helium (-10%).

Consequently, the crypto market capitalization has shrunk by almost $100 billion in one day to just over $1.7 trillion.

Overview of the cryptocurrency market. Source: quantify crypto

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Cryptocurrency charts from TradingView.

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