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Bitcoin Price Tumbles Below $27K, The Sandbox (SAND) Soars 6% Daily (Market Watch)

BTCEUR - Jordan Lyanchev 2023-06-05 17:00

Bitcoin tried its hand at taking down $27,500 yesterday once again but was rejected and pushed back down south.

Most altcoins are also in the red today, with ETH slipping below $1,900. XRP, on the other hand, is up by just over 2% in a day.

BTC Down Below $27K

Despite the positive start last week, which took BTC up north to a three-week high at $28,500, the seven-day period didn’t end all that well for the asset. It tumbled on Friday to a weekly low of $26,500 (on Bistamp) but managed to recover some of the losses by the weekend.

As with the previous few, the weekend was quite calm, with BTC spending most of it at around $27,000. It initiated a leg-up that drove it to a multi-day high of just under $27,500, but the bears intercepted the move and didn’t allow any further increases.

Just the opposite, bitcoin headed straight south, which drove it to its lowest position since Friday, below $27,000. Consequently, BTC’s market capitalization has declined by over $5 billion in a day to $520 billion. Its dominance over the alts has also taken another slight hit and is down to 45.8%.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

SAND Defies Market Sentiment

Most altcoins have followed BTC south. Ethereum is a prime example, as it has dropped below $1,900 following a minor daily decline. Binance Coin is also close to breaking below $300 after a 2% drop.

Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu have all declined by similar percentages. Litecoin has lost even more value, as LTC is down by almost 3% in a day.

Ripple, Solana, Tron, and Avalanche, on the other hand, have posted insignificant gains. The Sandbox is the only notable gainer in the past 24 hours. SAND is up by more than 5% and trades at $0.6.

The total crypto market cap, though, has seen over $15 billion gone since yesterday’s peak and is down to $1.135 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto Cryptocurrency Market Overview. Source: Quantify Crypto

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