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Crypto Markets Lost $90 Billion in 2 Days as BTC Falls Below $28,000: Market Watch
Bitcoin's price decline continued over the past 24 hours, with the asset falling below $28,000 for the first time since April 9. The altcoins are also deep in the red. The total market capitalization has lost almost $90 billion in the last two days. BTC Slips Below $28,000 Bitcoin traded sideways over the weekend, and it wasn't until Tuesday that it finally made a move, falling a grand to $29,100. However, bulls quickly intercepted the move and pushed the asset north, helping it reclaim the coveted $30,000 line. However, the landscape began to change...
Crypto Markets Lost $90 Billion in 2 Days as BTC Falls Below $28,000: Market Watch
Bitcoin's price decline continued over the past 24 hours, with the asset falling below $28,000 for the first time since April 9.
The altcoins are also deep in the red. The total market capitalization has lost almost $90 billion in the last two days.
BTC slips below $28,000
Bitcoin traded sideways over the weekend, and it wasn't until Tuesday that it finally made a move, falling a grand to $29,100. However, bulls quickly intercepted the move and pushed the asset north, helping it reclaim the coveted $30,000 line.
However, the landscape began to change shortly after as BTC plunged by a grand in a matter of minutes. However, that was just the beginning as the bears continued to push south over the last 24 hours. This resulted in a break below $28,000 for the first time in almost two weeks.
Although BTC has since regained a few hundred dollars, it is still struggling to hold $28,000. It's about 3% on a daily basis and over 8% on a weekly basis.
Its market capitalization, which reached $600 billion a few days ago, is now well below $550 billion. Its dominance over altcoins has recovered somewhat, but is still below 46%.
BTCUSD. TradingView
Alts turn red
Similar to Bitcoin, most alternative coins have not had any joy in recent days. Ethereum hit an 11-month high following the Shapella update last week, but has since lost over $200. As a result, the second largest cryptocurrency is currently struggling to stay above $1,900.
Ripple, Cardano, Polygon, Solana, Polkadot, Litecoin, Shiba Inu and Avalanche are also deep in the red with losses of up to 5% in a day. Dogecoin dropped the most (-8.5%), perhaps due to the asset's relationship with Elon Musk. Starship's newest rocket exploded shortly after launch, it was revealed yesterday.
With ICP, NEAR, GRT and many other mid- and lower-cap alternatives posting significant losses, the total crypto market cap has fallen below $1.2 trillion. This means that the metric has lost around $90 billion in the last two days.
Overview of the cryptocurrency market. Quantify crypto