Bitcoin has once again shown how volatile the crypto market is, leading the game with a sharp drop below $50,000 in the past 24 hours. Most of the altcoins have also joined the bearish move, and the market value of cryptocurrencies is losing more than $260 billion in a day.
Bitcoin fell below $50,000
Bitcoin has just hit its all-time high above $58,400, and as it looks pretty bullish on the asset, the situation has changed in a matter of hours. BTC was actively moving bearish, losing more than $11,000 in value to an intraday low of $47,500. Soon after the sharp decline, the bulls took over the cryptocurrency, pushing it back to $55,000.
Bitcoin failed to sustain its recovery, however, and fell below $50,000 again. At the time of writing, major cryptocurrencies have returned to some degree in appeal and are currently below the coveted $50,000 mark.
In the end, the market value of BTC lost more than $100 billion in one day and was already well below the $1 trillion level.
BTCUSD. Source: TradingView
Major Altcoins turns Red
The prices of most altcoins are even worse than Bitcoin, since this is usually the case during times of major corrections. Ethereum fell more than 15% to $1,500 in 24 hours, the second largest cryptocurrency pulled a new ATH over the weekend at a price of more than $2040. As a result, Ethereum fell more than $500 in a matter of 24hours.
Binance Coin recently rose to new record levels near $350 and has now fallen to $200. Polkadot (-8%), Cardano (-5%), Ripple (-12%), Litecoin (-15%) and Chainlink (-17%) are also among the top ten.
Cryptocurrency Market Overview. Source: Coin360.com
From Dodo (-25%), Elrond (-24%), Siacoin (-23%), IOST (-23%), 1 inch (-23%), Ontology (-22%), Aave (-20%) , Curve Dao tokens (-20%), waves (-20%), bit torrent (-20%) etc.
As a result, the cumulative market cap of all cryptocurrency assets has dropped more than $260 billion to $1.5 trillion.
Crypto Market Cap. Source: CoinMarketCap.com
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