Bitcoin Lost $3K in a Day as Crypto Market Cap Evaporated $100B (Market Watch)

Bitcoin Lost $3K in a Day as Crypto Market Cap Evaporated $100B (Market Watch)

The weekends continue to bring adverse price developments for bitcoin as the asset fell to a six-day low of $35,000. The situation with the alternative coins is similar, with ETH dumping to $2,200 and BNB below $340. The total market cap is down by $100 billion in a day.

Bitcoin Slips to 6-Day Low

The workweek was going well at one point for bitcoin, which spiked to and above $40,000. The bulls drove the asset to a new 3-week high at almost $41,400, but they failed to keep the momentum going.

Just the opposite, BTC started to gradually decline in value in the following days. Consequently, the cryptocurrency firstly fell beneath $40,000, but it kept on going losing more support levels.

After dropping to $37,000, as reported yesterday, the bears kept the pressure on and drove bitcoin to just below $35,000. This became the asset’s lowest price line since last Sunday and reaffirms the narrative that it doesn’t perform well during the weekends lately.

Despite recovering several hundred dollars since the intraday low, BTC’s market capitalization has dumped below $700 billion, while its dominance stands just beneath 45%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Deep in Red

It’s safe to say that the altcoin market has also seen better days. Most digital assets have mimicked their leaders’ performance in the past few days, meaning red is the dominant color.

Ethereum has lost another 4% of value in the past 24 hours and even dipped to $2,200 earlier. BNB’s decrease is similar, and it struggles below $340. A few days ago, Binance Coin was riding high at above $380.

Cardano (-3%), Dogecoin (-4%), Ripple (-5%), Polkadot (-4%), Bitcoin Cash (-3%), Uniswap (-4.5%), Litecoin (-4%), and Solana (-6.5%) have lost even more value since yesterday.

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

The situation with the lower- and mid-cap alts is quite similar. More losses come from Fantom (-14%), Amp (-13%), Waves (-11%), THORChain (-11%), ICP (-10%), THETA (-10%), XDC (-10%), and more.

Ultimately, the cumulative market capitalization of all cryptocurrency assets lost just over $100 billion in a day and is now beneath $1.5 trillion.

editorial staff

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