Bitcoin Dipped Below $19K as Negative Sentiment Grows (Market Watch)

By akohad Oct11,2022


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.

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
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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By akohad

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