Bitcoin Dumped to 2-Week Low, ApeCoin Nosedives 8% (Market Watch)

25 May 2023

in ApeCoin

Reading Time: 3 mins read

After several days of trading sideways around $27,000, bitcoin took a turn for the worse and dropped to its lowest price position in almost two weeks.

The altcoins are in no better shape, with ETH slipping below $1,800 and ADA dumping by 3% in a day. LDO is among the few exceptions with daily gains.

BTC Down to 2-Week Low

After the price slumped to $26,500 last week, bitcoin recovered most losses and stood at and above $27,000 during the weekend. The start of this week was even more positive as the cryptocurrency jumped to $27,500 on Tuesday to chart a multi-day high.

However, the bears intercepted the move and didn’t allow any further increases. Just the opposite, they pushed the asset back down to around $27,000.

The past 24 hours brought even more pain for the bulls as BTC dumped by over a grand at one point and dipped below $26,000 for the first time since May 13. Despite bouncing off and recovering a few hundred dollars since that low, bitcoin is still around 2% down on the day.

As such, its market capitalization has declined to $505 billion. Its dominance over the alts has also taken a slight hit and stands now at 46.1% on CMC.

BTCUSD. Source: TradingView

APE Drops Hard

As it typically happens when BTC heads south, so do most altcoins. Ethereum is a prime example. The second-largest digital asset is down by over 2% and trades below $1,800.

Binance Coin has retraced to $305 after a 1% daily decrease. More losses among the top 15 coins come from the likes of Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, Shiba Inu, and Avalanche.

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However, ApeCoin and Algorand have dumped the most from the top 50. APE has slumped by over 8% to $3.2, while ALGO is down by 5% to $0.15.

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The crypto market cap has shed another $20 billion in a day (and over $40 in two days) and is down to precisely $1.1 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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