Bitcoin experienced one of the worst crashes as it fell $ 16,000 in a few hours and reached its two-month low of $ 42,000. Most altcoins turned bright red with double-digit price drops, and their market capitalization fell by $ 600 billion at one time.
Bitcoin dumped to $ 42,000
The cryptocurrency market can change dramatically in a single day. Just 24 hours ago, the most bearish case against Bitcoin was that it couldn’t decisively break $ 59,000 despite three attempts a week. ..
However, the bear began to play a great deal of time as the asset was preparing another leg towards that particular line. The primary cryptocurrency has begun to dump values hard. First, it plummeted to $ 51,000, a $ 8,000 reduction per day, but that wasn’t the worst.
A few hours later, BTC fell to $ 42,000 (bitstamped), the lowest price since late September.
After a major crash of $ 16,000 a day, BTC has regained some profit, but it is still around $ 47,000, so it is still down 17% that day.
Market capitalization, which was close to $ 1.1 trillion yesterday, is now well below $ 900 billion.
Somewhat expected, this rise in volatility has led to a surge in 24-hour liquidation to $ 2.5 billion, with 400,000 traders cleared.
Altcoins can only see red
The same is true for altcoin, as it normally happens when BTC dumps hard. For example, Ethereum has dropped from the daily maximum of $ 4,670 to $ 3,500. After this massive dump, ETH has fallen below $ 3,900, down 15% on the day.
The situation for the rest of the alt is similar, if not bad, as the two-digit price cuts are obvious on the left and right.
Examples are Binance Coin (-13%), Solana (-18%), Cardano (-20%), Ripple (-26%), Polkadot (-25%), Avalanche (-15%), Terra (- 20%), Dogecoin (-25%), Shiba Inu (-15%).
Almost all low- and mid-cap stocks are also at this disadvantage, with cumulative market capitalization of all assets surpassing $ 2.6 trillion in CoinMarketCap to just over $ 2 trillion. At the moment, that’s about $ 2.2 trillion, which still means a $ 400 billion reduction in one day.
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Cryptocurrency chart by TradingView.
