Bitcoin Dips Below $16.5K, Solana Down 23% Weekly: Market Watch
The past two months have been anything but kind to Solana.
The end of this rather interesting year is not bringing any volatility to the crypto markets, aside from a few minor price drops. Bitcoin, for instance, went down below $16,500 earlier to chart a new 9-day low.
Solana continues to lose value rapidly following the FTX and Alameda deterioration and remains stuck beneath $10.
Bitcoin Struggles at $16.5K
2022 turned out to be one of the most violent in terms of price action for bitcoin. The asset entered it at almost $50,000 and has lost over 65% of its USD valuation within the next 12 months.
On a more micro scale, BTC tried to overcome $17,000 earlier this week following a boring weekend, but the bears didn’t allow it and pushed the asset south.
This resulted in a few consecutive price dips. The first from yesterday saw bitcoin slipping to $16,500, which became an 8-day low at the time. However, the landscape only worsened in the following 24 hours, this time with a price decline to $16,400.
BTC has recovered around $100 since then, but it’s still slightly in the red. Its dominance over the altcoins might have remained unfazed at 40.1% on CoinMarketCap, but its market cap sits tight below $320 billion.
Solana Keeps Plunging
Heavily backed and praised by SBF and his two collapsed crypto giants, Solana has been among the poorest performers ever since FTX and Alameda filed for bankruptcy in mid-October. The past few days have seen decreasing developer activity as well as declining price movements once again.
SOL is down by 3% in the past 24 hours and almost 25% on a weekly scale. As such, the once top 10 coin struggles to remain above $9.
Most other larger-cap alts are in no better shape. Binance Coin, Ripple, Dogecoin, Cardano, Polygon, Polkadot, Tron, and Avalanche are all down by up to 4% in a day.
OKB is among the few exceptions, with a 5% increase that has pushed it to $25. TONCOIN is up by 3.5%. The overall market cap, though, continues to struggle beneath $800 billion.
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