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Jordan Lyanchev 143 days, 12 hours ago

Ethereum Price Dumps to 7-Month Low, Bitcoin Struggles Below $27K (Market Watch)


Although it has stopped its freefall, bitcoin’s price continues to struggle and is inches below $27,000.

The altcoins are also quite calm on a daily scale, but the overall price declines of late have harmed some of them quite a lot.

BTC Beneath $27K Again

Bitcoin was trading high up until several days ago, but its inability to overcome the $28,000 level became a negative catalyst for upcoming price movements. The business week started with minor price drops that ultimately resulted in BTC slumping below $27,000 for the first time in October.

The past 24 hours were not all that different, with the asset remaining relatively still but nevertheless beneath $27,000.

This has harmed the market cap a bit more. The metric has declined by a few billion and is just inches above $520 billion now. Its market dominance, though, has jumped slightly and is at 50% as of now.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Sees 7-Month Low

The second-largest cryptocurrency has also not enjoyed the past several days. ETH was trading close to $1,800 earlier this month but started losing value, perhaps at the time when the Israel-Hamas conflict broke out.

The cryptocurrency dropped by more than $200 in days. As a result, ETH slipped to under $1,550 earlier today, which became its lowest price point since March this year.

Solana and Dogecoin are also slightly in the red on a daily scale. Toncoin has dropped the most from the larger-cap alts, having lost just over 2% daily.

In contrast, Binance Coin, Ripple, and Cardano sit with minor gains. Nevertheless, the total crypto market cap has remained relatively still at just over $1.050 trillion on CMC.

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

The post Ethereum Price Dumps to 7-Month Low, Bitcoin Struggles Below $27K (Market Watch) appeared first on CryptoPotato.

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