Bitcoin Price Cools Off as Ethereum Drops Below $3,000 (Market Watch)

Bitcoin Price Cools Off as Ethereum Drops Below ,000 (Market Watch)
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Following several days of impressive price increases, bitcoin has cooled off a bit and dropped below $44,000. The alternative coins, which also flew high recently, have retraced even more, with ETH dumping beneath $3,000.

Red Conquers The Altcoin Market

The weekend went very well for most alts. Ethereum was among the best performers after the London Hard Fork went live on Thursday. The second-largest digital asset went on a roll, breached $3,000, and marked a three-month high of $3,200 yesterday.

However, it failed to continue upwards and has retraced by more than $200 since the top. As of now, ETH trades well below $3,000 after a 7% daily decline.

The rest of the larger-cap altcoins are also well in the red. This includes Binance Coin (-3.5%), Cardano (-3.5%), Ripple (-3%), Polkadot (-5.5%), Uniswap (-6%), Bitcoin Cash (-3%), Solana (-2%), and Chainlink (-7%).

Moreover, Dogecoin, which exploded by more than 25% yesterday, is down by 8% today to $0.24.

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Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from Shiba Inu (-10%), Nexo (-10%), SushiSwap (-9.5%), Compound (-8%), 0x (-8%), Tezos (-8%), and more.

As such, the crypto market cap has decreased by almost $100 billion since yesterday’s top to $1.750 trillion.

Bitcoin Calms Below $44K

The primary cryptocurrency also performed well in the past several days. It dropped to $37,200 on Thursday but went on a tear and reclaimed $40,000 before the weekend.

Furthermore, the bulls kept pushing it north, and it added another $5,000 of value in the following days. Consequently, it went to a multi-month record of its own at just over $45,000.

It has lost some steam since then, though, and currently stands just under $44,000. Its market capitalization has declined to $820 billion, but its dominance over the altcoins has increased to 46.5%.

Interestingly, the latest developments have normalized the Kimchi premium – the metric showing the difference in BTC’s price on global exchanges and such operating in South Korea.

It previously went to a yearly high of well over 20%, but it has decreased significantly and is currently down to a six-month high of around 1%, as CryptoQuant outlined.

Kimchi Premium. Source: CryptoQuant
Kimchi Premium. Source: CryptoQuant
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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.


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