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Bitcoin Sees New Monthly Low, Ethereum Dips to $2K: Weekend Watch

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After it was rejected at $78,000 earlier this week, bitcoin’s troubles worsened with a nosedive to a monthly low of just over $74,000, where it finally found some support.

Most altcoins have followed suit on the way down, with ETH dipping to $2,000 today, BNB going down to $640, and XRP sliding to $1.31.

BTC Charts Monthly Low

Les progress made on the CLARITY Act at the end of the previous week resulted in an impressive but short-lived BTC price pump that drove the asset to $82,000. However, it was almost immediately rejected at that level for the second time that week, but this correction has been a lot more painful.

The cryptocurrency first slipped to $79,000 by that Friday before it dropped to $78,000 during the weekend. The business week began on the wrong foot with a nosedive to $76,000. After it bounced to $78,000 on Tuesday and Wednesday, the bears stepped up on the gas pedal once again and didn’t allow a more impressive rebound.

Just the opposite; bitcoin dropped to $76,000 yesterday evening and kept plunging on Saturday to $75,000 at first and then to $74,200 minutes ago. The latter became BTC’s lowest price point in just over a month. Here are some possible reasons for its $8,000 drop in less than 10 days.

For now, its market capitalization has dumped below $1.5 trillion on CG, while its dominance over the alts has retreated slightly to 58%.

BTCUSD May 23. Source: TradingView
BTCUSD May 23. Source: TradingView

Alts Bleed Out

As mentioned above, bitcoin’s correction is not an isolated case. Essentially, the entire larger-cap altcoin field is in the red today. Ethereum dipped to $2,000 earlier today before it jumped slightly to $2,025 as of now. BNB is down to $640, XRP struggles to remain above $1.30, while SOL has plunged by over 6%.

Similar or more painful declines come from DOGE, HYPE, ZEC, ADA, BCH, LINK, SUI, and many others.

The cumulative market cap of all crypto assets has shed $100 billion since Thursday and is down to $2.570 trillion on CoinGecko.

Cryptocurrency Market Overview May 23. Source: QuantifyCrypto
Cryptocurrency Market Overview May 23. Source: QuantifyCrypto

 

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