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Bitcoin Dips Below $17K, Ethereum Loses 6% in a Day (Market Watch)

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The cryptocurrency market took a beating in Friday’s trading session, shedding upwards of $20 billion in 24 hours as BTC dips below $17K.

The past 24 hours saw the cryptocurrency market shed upwards of $30 billion of its capitalization as the price of BTC dropped towards $17K, and most altcoins chart even more considerable declines.

Bitcoin Price Nosedives to $17K

Bitcoin erased all the gains from the past week, trading at slightly below $17,000 following a couple of major red candles on the hourly chart.

The cryptocurrency dipped to a low of $16,950 (on Binance).

btc_price_chart_161201
Source: Binance via TradingView

It’s interesting to see if the cryptocurrency will manage to hold this important level or if further declines are underway. It appears that the most recent hike of the interest rates by the US Federal Reserve is taking its toll on the market as almost every cryptocurrency is trading in the red, charting bigger losses compared to BTC.

 Altcoins Plummet in Red

The majority of altcoins are swimming in a sea of red today, charting considerable declines. As seen in the heatmap below, ETH is down by almost 6%, getting dangerously close to $1,200. BNB is down by 4.26%, while DOGE, UNI, LINK, and LTC are also down by around 6%.

cryptocurrency_heatmap_161201
Source: Quantify Crypto

The best performer over the past day is OKB, up 4.3%. Interestingly enough, 94 out of the top 100 cryptocurrencies are trading in the red, according to data from CoinGecko at the time of this writing.

On the other end of the spectrum, ALGO painted the largest decline, down 10% on the day, followed by FTM, which is trading for a 9% loss.

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