It isn’t a favorable weekend for the leading crypto asset as it loses $3,000 and the entire market cap recorded over $100 billion blown away. History would always repeat itself as altcoins trail behind Bitcoin to dunk less than their initial values. The current price of Bitcoin sits at about $35,000 indicating a six-day low.
Following the increased institutional purchase of Bitcoin earlier in the week, the crypto asset saw a spike that led it above the $40,000 mark. However, the surge was short-lived as it fell below resistance levels repeatedly. The cryptocurrency plummeted to $37,000 on Friday and when it found no further support, it sank further to $35,000.
The current value it holds now is recorded as its lowest since the previous weekend, therefore, giving strength to the postulation that Bitcoin always suffers on weekends. The market cap of the digital asset has sunk below $700 Billion while its dominance over other altcoins is rated at 45 percent.
Bitcoin’s volatility would always affect the performance of alternative currencies. They have hit the reds as they struggle to maintain positions. Some of these alternative currencies have a reputation for losing their percentages in double digits.
Ethereum at $2,200 lost four percent of its value. Binance Coin (BNB) has also been faltering as it struggles at $340. Cardano is down by three percent, Ripple by five percent, Solana by six percent, Polkadot, Litecoin, and Dogecoin by four percent. Another class of altcoins like THETA, ICP, Waves and THORChain lost in percentages of 10 to 13.
Altogether, the entire cryptocurrency market plunged deeper and over $100 billion drained in 24 hours as the market cap stands at $1.5 trillion. The reason for the recent turmoil can also be linked to the interest implementation of the reverse repurchase facility that the United States Central Bank made available.