Bitcoin Dips Below $42k to Start the New Week Bearish

TL;DR

• Bitcoin has dropped below the $42k level once again following its poor performance over the weekend.

• The total crypto market cap remains above $1.5 trillion.

BTC Could Dip Below $41k Soon

Bitcoin, the world’s leading cryptocurrency by market cap, has underperformed over the weekend. It is down by 2% over the past 24 hours and is now trading at $41,059. If the bearish trend continues, BTC could drop below the $41k level in the coming hours.

There is no major catalyst behind this bearish move as the market is undergoing a minor correction. With Bitcoin dropping below the $42k level, most altcoins have been underperforming. 

Ether has lost nearly 2% of its value in the last 24 hours and is now trading just above the $2,150 mark. Avalanche (AVAX) is the worst performer amongst the top 10 cryptocurrencies by market cap after losing 7% of its value and now trades at $39.68 per coin.

Despite the broader market underperforming, Injective’s INJ coin is performing excellently. INJ is up by 7% in the last 24 hours and is now trading at $30 per coin. Year-to-date, INJ is up by over 2,000%, making it one of the best performers this year.

With the market underperforming, the total cryptocurrency market cap has dipped by 2% and now stands at $1.55 trillion.