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Crypto Markets Shed $60B in 2 Days as Bitcoin Slumps Below $16K (Market Watch)

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The cryptocurrency market cap has dumped below $800 billion following two consecutive days of price drops.

Bitcoin took another turn for the worse and dumped below $16,000 to mark a fresh two-year low.

Most alternative coins fell hard as well yesterday, with ETH sliding beneath $1,100. Chainlink and Litecoin are among the few exceptions in the green.

Bitcoin Dumps Again

The end of last week was quite uneventful for the primary cryptocurrency, which tried to overcome $17,000 on a few occasions but to no avail. The weekend came with a lack of any volatility as the asset stood at $16,600 for two days straight.

However, the landscape started to change on Monday when BTC slid to $16,000. As the day progressed, though, bitcoin dipped even further to just over $15,500. This became its lowest price tag in approximately two years.

Aside from leaving millions of dollars worth of liquidations, bitcoin’s latest price dive drove a lot of whales in a state of unrealized losses, according to Glassnode.

As of now, bitcoin’s market capitalization is down to $300 billion, with BTC sitting just a few hundred dollars above its multi-year low. Its dominance over the altcoins has remained at just shy of 39%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Below $1.1K, Market Cap Suffers

The second-largest cryptocurrency also lost a substantial chunk of its value in the past 48 hours. It traded above $1,200 on Sunday but dropped below that level yesterday and kept plunging to mark a multi-week low of its own beneath $1,100.

Binance Coin, Cardano, Dogecoin, Polygon, Polkadot, Shiba Inu, and Tron are also with minor daily declines. Rippe is among the few exceptions from the top 10 crypto assets.

Litecoin and Chainlink have also charted some gains in the past 24 hours. Both assets are up by about 3% and trade at $62 and $5.9, respectively.

However, most lower- and mid-cap alts suffer as well. Consequently, the crypto market cap has declined to $780 billion, meaning that the metric has seen $60 billion gone in the past two days alone. Moreover, the market cap is down by almost $300 billion since the FTX collapse began two weeks ago.

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

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