Crypto markets lost $100B in one day as Ethereum still struggles at $2900 and BTC failed at $44,000 so let’s read more in our altcoin news today.
After failing to overcome the $44,000 price range, BTC retraced once again to around $42,000 and most of the alternative coins also bled out in the past day with ETH struggling below $3K. over the past few days, there has been a volatile movement on the market, especially for the number one cryptocurrency. It had recovered from the drop below $40,000 and was going higher on Friday at $45,000 when a new set of Chinese FUD pushed it aside and just in a matter of minutes, BTC chased by $4000.
BTCUSD. Source TradingView
The weekend started on a positive note, BTC bounced to $43,000 but the Sunday movement started with a huge dump to $40,500 before a sudden price surge that drove the asset to above $43,000. the bulls pushed it again on Monday and BTC tapped a three-day high of $44,300 but then failed to remain there and started to lose value gradually in the next few hours. BTC dropped below $42,000 once again as of now and the market cap stands below $800 billion. As it typically happens when BTC goes south, most of the altcoins will follow and ETH leads the adverse trend with a 6.5% drop and a few days ago, ETH Was above $3100 but it is now down to $2900.
The rest of the bigger cap altcoins are in a similar situation and these include Cardano that dropped by 5%, Binance coin as well, Ripple dropped by 4% and Solana dropped by 3%. Dogecoin dropped by 3% and Luna followed. Even more, losses were seen from the lower cap and mid-cap altcoins. Perpetual Protocol dropped in one day by 15% and Curve DAO also dropped by 10%. SushiSwap dropped by 10% and Aave as well. As such, the crypto markets lost $100B and all cryptocurrencies are in teh red.
Cryptocurrency Market Overview. Source Quantify Crypto
As reported a few days ago, Amid the growing uncertainty within the global financial markets, BTC slumped by a few thousand dollars in one day to over $40,000 but the alternative coin suffered even more with some huge double-digit price dumps. Very little can be seen of what transpired in the crypto market over the past 24 hours if analyses the weekend two days ago. The trading volume was minimal but BTC started riding high above $48,000 which was an 11-day high. As the fears of the Evergrande saga spiked on Monday as the cryptocurrency went down and in a matter of hours it lost a few thousand dollars and dumped to a new low of $42,500.