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Market Watch: Bitcoin Loses $4K in Hours, $120 Billion Evaporated

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$120 billion gone from the crypto market cap as bitcoin dropss to $58,000, Ethereum slumps to $1,800, and Binance Coin struggles at $250.

Bitcoin’s adventure above $60,000 was somewhat short-lived as the asset has retraced by nearly $4,000 from its peak to about $58,000. Most alternative coins have also slumped in value, and the crypto market cap has lost roughly $120 billion in a day.

Bitcoin Retraces to $58K

The weekend was quite bullish for the primary cryptocurrency. Bitcoin added $1,000 of value on Saturday before it went on to new highs after breaking the mid-February record of $58,400.

After a few attempts, the asset overcame the coveted $60,000 price tag and continued north to its latest ATH of $61,800 (on Bitstamp).



However, the cryptocurrency failed to sustain its movement upwards and has reversed its price trajectory since then. In the following hours, BTC dipped by over $3,000 to an intraday low of $57,500.

Nevertheless, bitcoin has bounced off somewhat rapidly and currently sits just above the $58,000 price line.

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From a technical perspective, $57,690, $56,110, and $55,000 are the following support levels that could help BTC heads further south. Alternatively, the asset would have to overcome the resistance lines at $60,000, $60,736, and $62,170 to resume its bull run.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Red; Market Cap Wipes Off $120B

The altcoin space also enjoyed the weekend with substantial gains. However, similarly to its leader, most altcoins have retraced rather sharply in the past 24 hours.

Ethereum reached a 3-week high of $1,940 yesterday but has dropped to about $1,800 now. Binance Coin (-5%), Polkadot (-3%), Cardano (-4.5%), Ripple (-4%), Uniswap (-9%), Litecoin (-5%), and Chainlink (-5%) are all deep in red as well.

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

Further price fluctuations are evident from lower- and mid-cap altcoins. Pundi X has lost the most value since yesterday (20%) to $0.0033. BitTorrent (-13%), CRO (-13%), NEAR Protocol (-12%), Zilliqa (-11%), Bitcoin Gold (-11%), and BitcoinSV (-10%) follow.

Despite a few gainers, such as Holo (72%), Harmony (45%), and Enjin Coin (43%), the cumulative market capitalization of all cryptocurrency assets has suffered a major 24-hour blow. The metric reached a new peak at $1.850 trillion yesterday but has lost about $120 billion since then.

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