Title: Bitcoin Dropped to 9-Day Lows, ApeCoin Spikes 6%

Jul 13, 2022 05:51 AM ET

By: AnalysisWatch

After breaking below USD 20,000 yesterday, Bitcoin continued to fall and yesterday sank to a nine-day low of just over USD 19,000. Altcoins seem rather stagnant on a daily basis, with ApeCoin being one of the few exceptions with a 6% rise. Bitcoin has fallen once again.

Last week was a positive one for the primary cryptocurrency, as it climbed to almost USD 22,500, reaching a three-week high. However, this rise was short-lived and the asset soon began to retreat.

When the weekend came, bitcoin settled in a range between $21,000 and $22,000 and spent most of the time there, as trading volume was lacking.

On Monday, however, BTC began to lose value rapidly and came within inches of breaking below $20,000.

Although the bulls initially defended this price, the asset eventually fell below it on Tuesday.

The last 24 hours have brought some more pain as bitcoin slipped to $19,200, a new nine-day low. For now, however, it has recovered somewhat and is close to $20,000. Its market value is back to $375 billion and its dominance over alts is just under 43%.

The latest weekly report from Glassnode showed that bitcoin may not yet have formed its price bottom.

A number of Texas-based BTC miners have announced that they will suspend operations due to extreme weather conditions. Altcoins are falling while Ape is rising.

Alternative coins have also fallen in recent days, but have stabilised on a daily basis.

Ethereum stood above $1,250 last week at a multi-week high, but lost $200 in a few days. For now, the second largest cryptocurrency is trading at just over $1,050.

BNB had fallen from over $240 to under $220 in the same timeframe, but a small daily increase has since pushed this asset to $226.