Saturday, October 1

Bitcoin Price Slipped Below $42K to a Weekly Low: LUNA Soars 6% (Market Watch)


Another day came with another price drop from bitcoin, as this time, bitcoin dipped to a nine-day low of just over $41,000. Most altcoins are also well in the red, with LUNA being among the few exceptions following a 6% increase.

Bitcoin Sees Another Low

It was just a few days ago when BTC was trading significantly higher as it touched $44,000 on a few occasions. However, after each attempt to overcome that particular level, the bears came to play and pushed the asset south.

This culminated in a few consecutive drops. Initially, BTC slid to $42,000 as reported. In the past 24 hours, it tried to recover some ground and even neared $43,000 at one point. Nevertheless, the gloomy state of the entire crypto market didn’t allow any further increases.

Just the opposite, bitcoin started to lose value once more and dumped to $41,200, which became the lowest price point in over a week. As of now, the cryptocurrency has reclaimed around $300, but it’s still in the red on a daily scale.

Consequently, its market capitalization has remained below $800 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Red: LUNA Spikes 6%

The altcoins have also been in better shape. Ethereum traded above $3,400 days ago but has lost value for several days in a row. As of now, a 3% decline on a daily scale has pushed the second-largest crypto to below $3,100.

Cardano is among the most substantial losers since yesterday after a few days of riding high. ADA has lost 8% of value and now sits just beneath $1.4.

Further losses are evident from Solana, Ripple, Polkadot, Dogecoin, Avalanche, Shiba Inu, MATIC, CRO, NEAR Protocol, and others.

In contrast, Terra is the only larger-cap altcoin standing out in green. LUNA touched $80 earlier today after a near 6% price jump.

The crypto market cap is down by another $30 billion in a day to $1.950 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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