The crypto market is back in red with massive price losses from Solana, Terra, Cardano, and other altcoins. Bitcoin fights for $35K.
After yesterday’s brief signs of revivals in the crypto market, the situation today seems quite gloomy once more. Bitcoin is close to breaking below $35,000, while most altcoins are in a much worse shape, including a massive 19% dump from Solana.
Bitcoin to Lose $35K?
Bitcoin traded above $43,000 last week before the whole landscape changed and the bears stepped up. In the next 24 hours, the cryptocurrency fell by $5,000 to a six-month low of around $38,000.
While this was already a massive correction, the asset headed further south, as reported. Bitcoin dumped to its lowest price position since late July 2021 at around $34,000 on Saturday.
Thus, it lost almost $10,000 in a few days. Sunday seemed more optimistic as BTC reclaimed some ground and even exceeded $36,000 at one point. However, it turned out to be a false breakout.
Since then, BTC lost nearly $3,000 and now stands well beneath $35,000. As such, its market capitalization is just over $650 billion.
