Bitcoin dipped below $19,000 for the first time in over a week as the overall sentiment for the crypto space continues to worsen.
Most alternative coins have suffered even more on a daily scale. Some, such as XRP, ADA, and SHIB, are down by more than 5%.
Bitcoin Dips Beneath $19K
It was less than a week ago when the primary cryptocurrency was trading confidently above $20,000 and even marked a multi-week high north of $20,500. However, the US job report turned the tables and pushed BTC south by around a grand, even though it beat the expectations.
As such, bitcoin entered the weekend in a range between $19,000 and $20,000 and spent all of it there. The landscape remained unchanged on Monday, but hours ago, BTC started nosediving once again. This time, it dropped below $19,000 to register an 8-day low.
As of now, bitcoin has regained some ground and stands over that line. Its market cap is down to $365 billion, but its dominance over the alts is up to almost 40%.
This latest price dip comes despite the recent increases in the BTC mining difficulty and the hash rate – both of which marked new all-time highs.
In contrast, Santiment said the general sentiment towards the asset and the entire market has taken another hit.
With #Bitcoin, #Ethereum, and most #altcoins ticking down slightly Monday, the crowd’s #bearish outlook continues to be evident. Green bars indicate more #FUD than usual toward an asset, and red bars indicate more #FOMO. pic.twitter.com/fAC4bZdEFc
— Santiment (@santimentfeed) October 10, 2022
XRP, SHIB, ADA Plunge Hard
Ripple was last week’s best performer, but the asset has turned red now. It managed to trade above $0.5 yesterday, but a 5.5% decline on a 24-hour scale has pushed XRP to well below that level.
Cardano and Shiba Inu have declined by similar percentages to under $0.4 and $0.00001, respectively.
Ethereum is below $1,300 after a near-2% price drop. Binance Coin is down to $270 following a 1.3% decrease.
Solana, Dogecoin, Polkadot, MATIC, Tron, and Avalanche are also in the red from the larger-cap alts. Ethereum Classic has dumped the most – by almost 10% in a day.
Overall, the crypto market cap has seen $30 billion gone daily, and the metric is down to $920 billion now.
Cryptocurrency Market Overview. Source: Quantify Crypto
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