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Bitcoin Hits 2-Month Low as Crypto Markets Lose $70 Billion in a Day: Market Watch
Bitcoin suffered a major blow in the last 24 hours, plunging by almost $2,000 to hit a two-month low below $20,000. The altcoins are in no better shape, with ETH, DOGE, SOL, LTC, TRX and many others plunging up to 15% in a day. BTC Dumps Hard The last few days have not been good for the primary cryptocurrency. It was last Friday when it fell from $23,500 to $22,000 as the Silvergate issues came to light, and although it gained some ground in the following days, it was unable to clear $22,500. The …
Bitcoin Hits 2-Month Low as Crypto Markets Lose $70 Billion in a Day: Market Watch
Bitcoin suffered a major blow in the last 24 hours, plunging by almost $2,000 to hit a two-month low below $20,000.
The altcoins are in no better shape, with ETH, DOGE, SOL, LTC, TRX and many others plunging up to 15% in a day.
BTC dumps hard
The last few days have not been good for the primary cryptocurrency. It was last Friday when it fell from $23,500 to $22,000 as the Silvergate issues came to light, and although it gained some ground in the following days, it was unable to clear $22,500.
The landscape changed midweek when Fed Chair Jerome Powell addressed Congress. This caused some volatility, but overall BTC remained around $22,000.
Still, the change the bears wanted to see came yesterday as BTC plunged from nearly $22,000 to below $19,900. The cryptocurrency recorded its lowest price since January 14th.
As a result, Bitcoin's market capitalization has collapsed to well below $400 billion. Its dominance over alts has also taken a hit, falling to 41.5%.
BTCUSD. TradingView
Alts bleed out
The old narrative that altcoins feel BTC is going through turbulent times gets further confirmation today. Ethereum received allegations that it could be classified as a security by US authorities, which led to massive price dumping. ETH is down over 8% in a day and is struggling to stay above $1,400.
Binance Coin, RippleCardano, Polygon, Polkadot, Shiba Inu and Avalanche have declined by similar percentages.
Even bigger losses come from the likes of Dogecoin, Solana, TRON, Litecoin, Uniswap, and other representatives of large-cap alternatives. Huobi Token was among the worst performers yesterday as it plummeted by as much as 90% as one point.
The mid- and lower-cap altcoins have a similar pattern, with numerous double-digit declines. Therefore, it is not surprising that the cumulative market capitalization of all crypto assets lost over $70 billion in one day. Furthermore, the metric at CMC has fallen to $925 billion.
Overview of the cryptocurrency market. Quantify crypto