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Tron (TRX) Soars 7% Daily, Bitcoin (BTC) Below $27K: Market Watch

Market Watch: Bitcoin Crashes by $1K Overnight, Crypto Markets Lose $30B

After failing to surpass $27,000 over the weekend, BTC experienced a drop of almost $500 earlier today, reaching a new multi-day low.

The altcoins are also in the negative today, with XRP, MATIC, SOL, LTC, and others losing over 2% of their value.

BTC Falls Below $27K

Last week, Bitcoin attempted to exceed $27,500 twice but failed on both occasions. The consequent rejections caused a significant decline in its value. The second rejection was particularly harsh, sending the asset all the way down to $26,400 (on Bitstamp).

As the weekend approached, BTC managed to recover some lost ground and reached around $27,000. It began another minor rise, which was stopped in its tracks at $27,300. Another rejection occurred in the last 24 hours, sending it below $26,600.

At present, Bitcoin has rebounded but is still in the red on a daily basis and trades below $27,000. Its market capitalization has decreased once again to $520 billion. With little substantial volatility, Bitcoin’s dominance over alternative coins remains stagnant at 46.4%.

BTCUSD. Source: TradingView

TRX Is the Exception

Most altcoins remained stable over the weekend but have now turned negative. Ethereum experienced a minor decline among the least affected alts. However, the second-largest crypto is close to falling below $1,800.

Binance Coin, Polkadot, Cardano, and Avalanche have all fallen by approximately 1%. The likes of Ripple, Dogecoin, Polygon, Solana, and Litecoin have experienced losses ranging from 2-3%.

Tron is the only alternative coin among the top 36 that is charting a green candle today. TRX is up by about 7% and is trading around $0.08.

The total crypto market cap lost slightly over $10 billion and is now below $1.120 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto