After a few days of sideways trading, bitcoin fell hard by losing almost $5,000 of value in less than a day. The rest of the market followed suit as Ethereum slumped by $400 to an eight-day low.
Bitcoin Dumped to Lowest Level Since May 24th
The past few weeks have been somewhat unusual for the primary cryptocurrency. During the previous weekend, BTC dumped beneath $33,500, but it used the workweek to regain all losses.
It failed at breaching $40,000, dropped by a few thousand dollars after another engagement by Elon Musk, and calmed around $37,000. In fact, it ranged around that particular level for a few consecutive days.
However, the situation vigorously changed in the past 24 hours. Bitcoin dumped from around $37,000 to $35,000, and the bears kept the pressure on. As a result, the asset slipped further south to an intraday low of $32,300 (on Bitstamp).
This became BTC’s lowest price tag since May 24th, when it plummeted to just over $31,000.
On its way down, bitcoin’s market capitalization is threatened to drop below $600 billion. The asset’s market dominance stands around 41%, as the altcoins are also deep in red.
BTC bounced off from its low and currently stands above $33,000. This enhanced volatility resulted in more pain for leveraged traders as the liquidations are over $1 billion in the past 24 hours.
Blood on the Alts’ Street
The alternative coins have it even worse than their leader. Ethereum was riding high yesterday at well above $2,800, but as the bulls were preparing to challenge $3,000, the bears stepped up and reversed the trajectory.
As a result, ETH dumped by more than $400 in hours to just over $2,400. As of now, the asset has reclaimed some ground and currently trades above $2,500.
Binance Coin mimicked ETH’s performance with a substantial drop from over $400 to $330. It has also bounced off and is close to $360 now.
ADA (-8%), DOGE (-10%), XRP (-7%), DOG (-12%), UNI (-8.5%), ICP (-13%), BCH (-10.5%), and LTC (-10%) are also well in the red from the larger-cap altcoins.
BakeryToken has lost the most since yesterday with a 20% drop to $3.2. THORChain (-16%), Klaytn (-15%), SHIB (-15%), IOTA (-15%), Tezos (-15%), Horizen (-15%), UMA (-14%), Qtum (-14%), and Compound (-14%) are just a few more of the double-digit losers.
Nevertheless, two top 100 coins have marked substantial gains as well. Those are Arweave (26%) to above $20 and Theta Fuel (17%) to $0.55.
Ultimately, though, the cumulative market cap of all crypto assets dumped by more than $200 billion in a day to well beneath $1.5 trillion hours ago.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Credit: Source link
