The cumulative market cap of all crypto assets lost $100 billion in a day as BTC and most altcoins are deep in the red.
Bitcoin tried its hand at $43,000 yesterday but was violently rejected at that point and dropped by almost $3,000 in hours. Most altcoins are also well in the red today, with Ethereum close to breaking below $3,000 and BNB sitting just north of $400.
Ever since the early Monday crash, in which the price of bitcoin dumped below $39,000 to mark a monthly low, the landscape around the asset seemed substantially more positive.
The cryptocurrency recovered all losses almost immediately and even spiked above $41,000 on Tuesday. A day later, it jumped to the January 2021 all-time high of $42,000, where it met some resistance but was ultimately able to overcome it as well.
As such, BTC kept climbing, and yesterday it tapped an 11-day high at just under $43,000. However, this is where the situation changed for the worse.
Instead of heading further north, bitcoin started to lose value rapidly. In a matter of hours, it lost around $3,000 and even briefly dipped beneath $40,000 (on Bitstamp).
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As of now, it stands just over that level but being more than 3% down on the day means that its market capitalization has declined to approximately $775 billion.
The alternative coins were also flying high in the past few days, but, similar to bitcoin, have turned red now.
Ethereum jumped to a 10-day high of its own yesterday when it was close to overcoming $3,200. However, it was rejected at that point and now struggles to remain above $3,000.
Binance Coin neared $430 at one point, but it’s also close to dropping below a round-numbered milestone ($400).
Ripple, Solana, Terra, Cardano, Avalanche, Polkadot, Dogecoin, and Shiba Inu have also retraced only a 24-hour scale.
More losses come from 0x (-18%), Kava (-11%), Zilliqa (-11%), EOS (-10%), Audius (-7%), Kusama (-7%), and others.
Ultimately, the crypto market cap dropped by $100 billion since yesterday’s peak and is now below $1.9 trillion.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn