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Bitcoin Dropped Below $19K as Pessimism Increases

Bitcoin Dropped Below $19K for the first time in more than a week, as people’s feelings about cryptocurrencies in general continue to get worse.

Most alternative currencies have lost even more every day. Some are down by more than 5%, like XRP, ADA, and SHIB.

Bitcoin Drops Below $19K

A little over a week ago, the main cryptocurrency was confidently trading above $20,000 and even hit a multi-week high of more than $20,500. But the US jobs report changed everything and sent BTC down by about $1,000, even though it was better than expected.

So, bitcoin started the weekend between $19,000 and $20,000 and stayed there the whole time. On Monday, nothing changed, but just a few hours ago, BTC started falling again. This time, it fell below $19,000 for the first time in 8 days.

Read More: Bitcoin Holds $20K While ENS Soars 11% Daily: Market Watch

Bitcoin has made up some ground and is now above that line. Its market capitalization has gone down to $365 billion, but it now has a 40% lead over the altcoins.

Despite recent advances in BTC mining difficulty and the hash rate, both of which hit new all-time highs, the price of Bitcoin has recently dropped.

Bitcoin Dropped Below $19K, However, according to Santiment, investor confidence in the asset and the market as a whole has taken another hit.

XRP, SHIB, ADA Plunge Hard

Ripple was the asset that did the best last week, but it is now in the red. It was able to trade above $0.5 yesterday, but a 5.5% drop over the past 24 hours has sent the price of XRP well below that level.

Cardano and Shiba Inu have both dropped by about the same amount, to less than $0.4 and $0.00001, respectively.

After a nearly 2% price drop, Ethereum is now worth less than $1,300. After a 1.3% drop, Binance Coin is now worth $270.

From the larger-cap alts, Solana, Dogecoin, Polkadot, MATIC, Tron, and Avalanche are also in the red. The most that Ethereum Classic has lost is almost 10% in a day.

Overall, $30 billion have been taken out of the crypto market cap every day, and it is now at $920 billion.

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