Home Bitcoin News Crypto Market Cap Lost $100B in a Day as Bitcoin Dropped to a Weekly Low

Crypto Market Cap Lost $100B in a Day as Bitcoin Dropped to a Weekly Low

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The bears continued to push bitcoin south previously 24 hours, and the asset dropped to a weekly low of simply over $62,000. Most altcoins are additionally within the purple, with Litecoin dropping probably the most worth in a day.

Bitcoin Noticed a Weekly Low

Just some days in the past, the first cryptocurrency broke its earlier ATH two occasions in a row, and the newest peak got here at $69,000.

Because the neighborhood was anticipating one other run as much as $70,000, your complete panorama modified. As an alternative of going upwards, bitcoin headed straight south. In only a matter of hours, BTC misplaced greater than $6,000 of worth to an intraday backside of $63,000.

It bounced off initially and went above $65,000, as reported yesterday. Nonetheless, this worth enhance was additionally short-lived, and the bears drove it downwards as soon as extra. This time, the cryptocurrency fell to $62,300 (on Bitstamp), which was the bottom worth level since November seventh.

As of now, bitcoin has recovered greater than $1,000, and its market capitalization has reclaimed $1.2 trillion.

BTCUSD. Source: TradingView
BTCUSD. Supply: TradingView

Alts Retrace as LTC Dumps Laborious

The choice cash have additionally seen higher days, which weren’t that way back. Ethereum tapped its newest ATH just a few days in the past at almost $4,900. Since then, although, ETH has misplaced roughly $300 and presently struggles to stay above $4,600.

Solana additionally reached a brand new peak lately at $260, but it surely’s all the way down to $225 as of now. On a 24-hour scale, Ripple, Polkadot, and Dogecoin are additionally barely within the purple, whereas Shiba Inu has misplaced greater than 3% of worth and stands simply over $0.00005.

Litecoin has misplaced probably the most from the larger-cap alts. LTC is down by almost 10% in a day to $250.
In distinction, Binance Coin, Cardano, and Terra have seen minor positive factors. Avalanche is up by 3.5% and has neared $90 as soon as extra.

Among the lower- and mid-cap alts have produced extra vital positive factors. These embody Decentraland (21%), IoTeX (20%), The Sandbox (20%), Chilliz (15%), CRO (11%), and Helium (10%).

The cryptocurrency market has misplaced $100 billion in a day and has dropped to $2.9 trillion on CoinGecko.

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

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Cryptocurrency charts by TradingView.

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