Bitcoin (BTC) Loses $27K, Ethereum (ETH) Slips Below $1.6K (Market Watch)

After several days of trading above $27,000, bitcoin’s price took a turn for the worse and dropped below that level to a multi-day low.

Most alternative coins are also in the red, with ETH leading the pack as the second-largest crypto has slipped below $1,600.

BTC Beneath $27K

The past several days were quite positive for the primary cryptocurrency, especially after it bounced off from last week’s crash to under $25,000. It recovered more than a grand almost immediately and kept climbing during the business week.

The weekend was somewhat less volatile, but BTC still managed to poke its nose above $27,000. It failed there at first, but the bulls prepared for another charge that pushed bitcoin to a 20-day peak at $27,500 on Tuesday.

Nevertheless, the asset failed to continue upward and even remain at that point and retraced to $27,000 yesterday. The landscape worsened hours later when BTC dumped by several hundred dollars to a three-day low of $26,400.

It has managed to recover some ground since then but still trades way below $27,000. Its market cap has taken a slight hit and is down to $520 billion, and its dominance over the alts has retraced to 49.2%.

BTCUSD. Source: TradingView## ETH and Other Alts Retrace Too

Most alternative coins have followed BTC on its way south with minor daily declines. This includes the second-largest cryptocurrency, which has dropped beneath $1,600 after a 1.5% decrease.

Dogecoin, Cardano, Toncoin, Polkadot, Polygon, Bitcoin Cash, and Chainlink have all seen similar drops. Binance Coin and Solana are also in the red, albeit in a more modest fashion.

Ripple, Tron, and Litecoin are with insignificant gains, but XRP has managed to defend the $0.5 level, and LTC is still at $65.

The total crypto market cap, though, has seen about $10 billion gone in a day and is down to $1.060 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto