After a few days of sideways trading, bitcoin fell hard by losing almost $5,000 of value in less than a day. The rest of the market followed suit as Ethereum slumped by $400 to an eight-day low.
Bitcoin Dumped to Lowest Level Since May 24th
The past few weeks have been somewhat unusual for the primary cryptocurrency. During the previous weekend, BTC dumped beneath $33,500, but it used the workweek to regain all losses.
It failed at breaching $40,000, dropped by a few thousand dollars after another engagement by Elon Musk, and calmed around $37,000. In fact, it ranged around that particular level for a few consecutive days.
However, the situation vigorously changed in the past 24 hours. Bitcoin dumped from around $37,000 to $35,000, and the bears kept the pressure on. As a result, the asset slipped further south to an intraday low of $32,300 (on Bitstamp).
This became BTC’s lowest price tag since May 24th, when it plummeted to just over $31,000.
On its way down, bitcoin’s market capitalization is threatened to drop below $600 billion. The asset’s market dominance stands around 41%, as the altcoins are also deep in red.
BTC bounced off from its low and currently stands above $33,000. This enhanced volatility resulted in more pain for leveraged traders as the liquidations are over $1 billion in the past 24 hours.
Blood on the Alts’ Street
The alternative coins have it even worse than their leader. Ethereum was riding high yesterday at well above $2,800, but as the bulls were preparing to challenge $3,000, the bears stepped up and reversed the trajectory.
As a result, ETH dumped by more than $400 in hours to just over $2,400. As of now, the asset has reclaimed some ground and currently trades above $2,500.
Binance Coin mimicked ETH’s performance with a substantial drop from over $400 to $330. It has also bounced off and is close to $360 now.
ADA (-8%), DOGE (-10%), XRP (-7%), DOG (-12%), UNI (-8.5%), ICP (-13%), BCH (-10.5%), and LTC (-10%) are also well in the red from the larger-cap altcoins.
BakeryToken has lost the most since yesterday with a 20% drop to $3.2. THORChain (-16%), Klaytn (-15%), SHIB (-15%), IOTA (-15%), Tezos (-15%), Horizen (-15%), UMA (-14%), Qtum (-14%), and Compound (-14%) are just a few more of the double-digit losers.
Nevertheless, two top 100 coins have marked substantial gains as well. Those are Arweave (26%) to above $20 and Theta Fuel (17%) to $0.55.
Ultimately, though, the cumulative market cap of all crypto assets dumped by more than $200 billion in a day to well beneath $1.5 trillion hours ago.