Bitcoin Falls Below $17,000, BNB Crashes 7% (Weekend Watch)

The last 24 hours have been tough in the cryptocurrency markets, with the total capitalization falling by around $40 billion. This comes on the back of major coins charting severe falls and BTC plunging below $17K.

Bitcoin goes below $17K

Bitcoin’s price took a serious beating over the past couple of days, losing roughly 9% of its value since hitting $18,300 earlier this week. In the last 24 hours alone, the cryptocurrency has dropped nearly 3%, trading around $16,700 as of this writing.

It is interesting to note that Bitcoin dominance – used as a primary means of measuring its share in relation to the entire market – is increasing. This means that altcoins are doing worse than BTC during this period.

Regardless, it is important to see if BTC will be able to regain the coveted $17K level or if there is more pain to come in the next few days.

Altcoins are bleeding hard

Virtually all major altcoins are trading well in the red over the past day, with few exceptions.

As shown above, ETH is down almost 3%, but many of the other altcoins are down much more. For example, BNB is trading down 7%, after recovering a bit – the price crashed by more than 10% earlier. DOGE is down over 5%, ADA – almost 7%, MATIC – 4.5%, and so on.

With that said, there are also some exceptions. For example, Toncoin (TON) is up 7.5% in the last day, contributing to gains of 33.7% in the last week.

At the other end of the spectrum is Filecoin’s FIL, which is down a whopping 20%, making it the worst performer in the last 24 hours. It is closely followed by Trust Wallet (TWT), which is down 19%.