Bitcoin slumped to $20,000 after being rejected at $21,000, but has managed to stay there.
Dogecoin, Shiba Inu, and Avalanche are among the altcoins suffering massive daily losses.
The price of bitcoin stalls at $20K
Over the weekend, bitcoin surged from under $19,000 to a multi-month high of over $21,000 after a positive week last week.
It failed to move further north days ago, and the subsequent rejection drove BTC to around $20,500. Over the past few days, the asset has become quieter and has remained within a tight range between $20,000 and $21,000.
There’s one small but vital difference between the current bear market and the previous one, according to on-chain analysis. The cryptocurrency may experience a more violent rejection if it fails to decisively surpass $21,000, according to additional data.
With a price tag of $20,500, its market cap is still below $400 billion, but its dominance over alts has increased to almost 39%.
The alternative coins experienced notable gains in the past week or so, but the bears have stepped up now.
Ethereum went from under $1,400 to a multi-week high of over $1,600, outperforming bitcoin. Now, though, ETH has retraced back down below the latter after a 1.5% daily decline. Binance Coin is down by a similar percentage to $320.
More losses are evident from Cardano, Solana, MATIC, Polkadot, Tron, and Uniswap all down by up to 5%.
The situation with yesterday’s top performers Dogecoin and Shiba Inu – is a lot worse. DOGE has seen an 11% correction, while SHIB has shed 8% in value daily.
Litecoin is today’s best performer. The asset has soared by about 10% and trades at just over $60.
Despite losing around $30 billion daily, the overall crypto market cap has remained above the coveted $1 trillion line.