The bears returned in the cryptocurrency space as bitcoin dumped by more than $6,000 in hours. The altcoins are also deep in red, with ETH, DOT, LUNA, and LTC dropping by double-digit percentages in a day.
Bitcoin Drops to a 10-Day Low
It was less than a week ago when the primary cryptocurrency was riding high and touched $69,000 for its latest ATH record. As the community wondered if it had the strength to continue upwards and tap $70,000, the landscape changed.
BTC plunged to $63,000 hours later, bounced off to $65,000, and headed south once again in the following few days. Yesterday, though, seemed significantly more promising as bitcoin surged above $66,000.
This recovery session was also short-lived, however. In the following several hours, the asset started to lose value rapidly and dumped to just over $60,000 (on Bitstamp), which became the lowest price tag since November 6th.
Bitcoin’s market capitalization has dropped to $1.150 trillion – meaning a $100 billion decline in just a day.
Alts See Nothing but Red
As it typically happens when BTC drops hard, so have done the alternative coins. Ethereum is among the leaders in this adverse trend with a massive near 10% price dump. As a result, ETH currently trades below $4,300. The second-largest crypto also reached a new ATH last week at nearly $4,900.
Polkadot, Terra, Litecoin, Chainlink, and Bitcoin Cash have lost around 10% as well in the past 24 hours. Consequently, DOT is down to $42, Luna to $45, LTC is below $250, LINK is just over $30, and BCH sits below $620.
More losses come from Binance Coin, Solana, Cardano, Ripple, Dogecoin, and Avalanche. Interestingly, Shiba Inu has taken this correction rather well with “just” a 3.5% drop.
CRO (-16%) has lost the most in a day, followed by Kadena (-14%), Audius (-13%), NEAR Protocol (-13%), Chainlink (-12%), OMG Network (-12%), VeChain (-12%), Cosmos (-12%), The Graph (-12%), and many more.
As such, the cryptocurrency market capitalization is down by more than $200 billion in a day.