Bitcoin has finally broken out of its sideways trading trend and experienced some volatility, resulting in a $1,000 decrease in value. Most altcoins have also turned red, except for Binance Coin, which has jumped to over $330.
BTC Slumps by $1K
Volatility came on Wednesday and Thursday of last week when BTC surged from $27,000 to $30,000 before dropping back down hours later due to fake news. However, as First Republic’s problems worsened and the false reports were refuted, BTC rebounded once again and neared $30,000. The bears thwarted the move and BTC retracted by a few hundred dollars, stabilizing at just over $29,000. BTC rose towards $30,000 again late Sunday, but subsequently faced a hard rejection and dropped by almost $2,000 within hours, falling to $28,300 (on Bitstamp).
As of now, BTC is still down 2.3% on the day and worth under $29,000 with a market cap of $550 billion and dominance over alts slightly retraced to 46.9% on CMC.
BNB Defies the Market
As typically happens when BTC experiences more volatility, the altcoins are affected as well. Ethereum was stable at $1,900, but has since dropped by 3.3% to $1,850. Ripple, Cardano, Dogecoin, Polygon, Polkadot, Litecoin, Shiba Inu, and Avalanche have all declined by similar percentages. Binance Coin has bucked the trend, however, and has increased by almost 4% in a day, rising to well above $330. ATOM, ICP, APE, and most other mid- and lower-cap altcoins have suffered losses. In contrast, PEPE soared over 90% on a daily scale, aided by a listing on OKX, allowing it to enter the top 100 coins by market cap.
The total crypto market cap has lost roughly $30 billion daily and has slumped to well below $1.2 trillion.