Bitcoin continued to lose value in the last 24 hours and fell to a five-day low of less than $41,000. Altcoins are also in the red once again with substantial price losses from Ethereum and Solana, while ATOM is the only one in the green again.
Bitcoin slipped below $41K
On February 28, bitcoin started its largest daily green candle in more than a year by rising about $6,000 and touching $45,000 after the US and most other Western nations said they will not get directly involved in the Russia-Ukraine war.
After that, BTC even briefly spiked above the aforementioned line and posted a new 3-week high. Anyway, that could not conquer that level decisively when the bears returned to the scene.
In the days that followed, the cryptocurrency began to gradually lose value, resulting in the price falling below $41,000 hours ago. As of now, the asset has regained some ground and is above that level, but is still down about 4% on a 24-hour scale.
Consequently, its market capitalization has slipped below $800 billion. It's worth noting that the metric reached $850 billion just a few days ago.
Altcoins heading south
Altcoins also posted new monthly highs earlier this week, but most reversed their trajectories, mimicking the performance of BTC.
Ethereum is an excellent example. The second-largest crypto soared from $2,200 to over $3,000 in days, but subsequent rejection took it south by around $300.
Solana has lost the most to larger-cap alternatives after falling 7%. Consequently, SOL now stands at $90 after breaking above $100 yesterday. Binance Coin, Ripple, Cardano, Avalanche, Polkadot, Dogecoin, Shiba Inu and MATIC are also in the red.
More losses come from Humans AI (-9%), Convex Finance (-9%), Helium (-8%), Uniswap (-7%), Amp (-7%), and Radix (-6%).
Ultimately, the cumulative market capitalization of all digital assets dropped by roughly $100 billion in one day to $1.8 trillion.
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