XRP, SOL, BCH Down 6% Daily, BTC Struggles at $29K (Market Watch)

After failing to hold above $30,000, bitcoin took another turn for the worse and hit a new monthly low just below $29,000.

Most altcoins are doing equally bad, if not worse, with XRP, SOL, BCH and a few others down by more than 5% in a single day.

BTC is at monthly lows

Bitcoin recorded its most impressive price increase two weeks ago when Ripple won a minor victory in court against the SEC. Along with the rest of the market, BTC hit a multi-month high at just under $32,000.

However, the hype began to fade quickly, and the cryptocurrency fell to just above $30,000 in the following days. This was followed by stability and BTC remained mostly around the same level, with some dips.

The scenario took a turn for the worse yesterday when bitcoin fell even more in a major decline after being rejected at $30,300. This drop in price took it to a monthly low below $29,000, leading to millions of liquidations.

BTC has managed to add a few hundred dollars since then, but its market capitalization has plummeted back to $565 billion, and its dominance over altcoins has held steady at 48.5%.

alts bleed out

Alternative coins have also seen good days as the last few coins have brought nothing but pain to the bulls. Ethereum rose above $2,000 amid a Ripple-driven rally, but is now back to $1,850 after another modest daily decline.

Binance Coin, Tron, Polygon, Litecoin, Polkadot, Toncoin, and Shiba Inu have charted similar daily declines. Even more painful losses come from Ripple, Solana, Bitcoin Cash, Stellar, NEAR Protocol, Aptos and others. All of these are falling by more than 5% daily.

Dogecoin is the only large-cap alt in the green today, like yesterday, perhaps driven by DOGE payment speculation on Twitter.

The cumulative market capitalization of all crypto assets has declined by over $40 billion since yesterday’s peak and is down to $1.165 trillion on the CMC.