Crypto Markets Lose $220 Billion in 2 Days as Bitcoin Slumps Toward $63K (Market Watch)

9 months ago 4

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Bitcoin’s price continues its downfall, and the asset has now lost roughly ten grand since its peak last Thursday at nearly $74,000.

The alternative coins also bleed out heavily and the total crypto market cap has dumped to under $2.5 trillion after exceeding $2.9 trillion last week.

BTC’s Nosedives Continue

The primary cryptocurrency was on a roll for weeks, which culminated last Thursday when the asset blew past $73,000 and charted a new all-time high of $73,800. After gaining more than 30% since the start of the month, though, analysis started to emerge that BTC is due to a correction.

This indeed started to transpire since last Friday. Bitcoin dropped to $68,500 and tried to recover toward $72,000 but was quickly halted and pushed back down to $66,000.

There was some elevation during the weekend that saw BTC jumping to $70,000, but that was short-lived. Once Monday arrived, BTC plunged again and once more in the past 12 hours or so.

The latest decline drove the cryptocurrency to its lowest price level in about two weeks of $63,000. Although that support level has not been breached yet, BTC is still more than 6% down on the day.

Its market capitalization has dropped to $1.250 trillion, but its dominance over the alts has increased to just over 50% on CG.

Alts Bleed Out Heavily

The rising BTC dominance when Bitcoin’s price is plunging means only one thing – the altcoins are suffering even more. The largest one, for example, has dumped by another 9% and sits at $3,250. Recall that ETH had soared past $4,000 less than a week ago.

Solana, which surpassed Binance Coin yesterday, had declined by over 13% in a day and is back down to $180. BNB (-8.5%) has retraced to $515. Dogecoin, Polkadot, Polygon, and NEAR have shed over 10% in a day.

The landscape with most lower- and mid-cap alts is similar, and the total crypto market cap has plummeted to under $2.5 trillion on CG. The metric was above $2.9 trillion last Thursday and over $2.7 trillion during the weekend.