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Crypto Market Cap Shreds $20 Billion In A Day As Bitcoin Slips $1K Below Tuesday’s Top



The cryptocurrency market has hit a wall as Bitcoin dropped $1,000 from yesterday’s high, while the altcoins have it even worse.

After exploding to new yearly highs and displaying extreme volatility levels, Bitcoin has retraced beneath $17,500. Most alternative coins have followed suit, and the market capitalization has fallen below $500 billion.

Bitcoins Tanks To $17,500

The past several days have only exemplified Bitcoin’s impressive run in Q4 2020. The primary cryptocurrency was struggling beneath $16,000 for a bit before initiating a remarkable leg up that resulted in new records.

BTC painted a new yearly high – something, which the asset has frequently been doing since early October. This time, the milestone was $18,500 – in other words, Bitcoin came less than $1,500 away from painting a fresh all-time high.

Although it couldn’t do it just yet, BTC took down another record. Its total market capitalization reached a new highest level. This became possible because there’re more bitcoins in circulation now compared to the previous record from December 2017.

After the spike towards $18,500, BTC demonstrated some of its vigorous volatility and dumped by over $1,000 in value to $17,400. More fluctuations followed that took Bitcoin to above $18,000 again. However, the cryptocurrency has ultimately dropped to its current level beneath $17,500.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Total Market Cap Plummets After Records

Most altcoins mimicked BTC’s latest price pumps, resulting in a serious increase in the total market capitalization. The cumulative market cap of all cryptocurrency assets exceeded $510 billion – the highest level since January 2018.

Nevertheless, the alternative coins have decreased in value since then, and the market cap has dipped by $20 billion to $490 billion.

Ethereum saw a fresh 2020 high at $495 yesterday. The second-largest digital asset has lost about $30 in a day and currently struggles with $465.

Litecoin is the only exception in the top ten with slight gains. Ripple, Bitcoin Cash, Binance Coin, Polkadot, and Cardano have all lost about 1-2% of value.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

OKB Coin is the most notable gainer (20%) in the past 24 hours. The native cryptocurrency of the popular exchange OKEx has perhaps surged on reports that authorities have released the platform’s founder.

Yearn.Finance and SushiSwap are next with increases of 12% and 11%, respectively. Orchid (10%) and Waves (10%) complete the double-digit price pump club.

On the other hand, Ampleforth (-10%), Aragon (-9%), and Band Protocol (-9%) have lost the most value.


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