Bitcoin Lost $21,000 Level, Solana Dumps 14% (Market Watch)

After a few days of trading above $21,000, bitcoin retreated a few hundred dollars and fell below that level.

Several altcoins have posted even more massive declines in the past 24 hours, with Solana standing out after a 14% nose dive.

SOL is going backwards hard

Solana was among the top performers over the weekend after Google announced it was starting to run a validation node on top of the popular blockchain. The native cryptocurrency responded with an immediate price surge that took it to nearly $40 – the highest price tag seen in about two months.

However, SOL has dropped quite a bit in the last 24 hours. It’s down about 14% now and struggling to stay above $30.

Dogecoin, Avalanche, Uniswap, Binance Coin, ATOM and Chainlink have also fallen hard by up to 8%. As a result, DOGE is at $0.11, UNI is at $7.2, BNB is at $330, ATOM (14%) and LINK are trading at $8.1

Ethereum, Ripple, Cardano, Polkadot, Shiba Inu and Tron have lost up to 5% on a daily scale.

The cumulative market cap of all crypto assets is down to $1.025 trillion, which means it has shed $40 billion daily.

Bitcoin falls below $21K

Last week was quite volatile for bitcoin, which was somewhat expected given the events coming out of the US. The Federal Reserve raised interest rates by 75 basis points on Wednesday, sending BTC nosediving from $20,800 to $20,000.

Two days later, the landscape changed when the world’s largest economy published its better-than-expected jobs report. This pushed bitcoin to nearly $21,000 at the start, but the asset managed to regain that level on Saturday.

It even rose to $21,500, which became the highest price tag in about two months. Sunday was relatively uneventful as BTC held above $21,000.

However, the asset took a dive below this level earlier today, falling to an intraday low of $20,600 hours ago. As of now, it is just above that level, but the market value has fallen to below 400 billion dollars. However, its dominance over altcoins has taken a breather and is close to 39%.