The ever-volatile crypto market has in the past 24 hours lose as much as $120 billion with Bitcoin also taking a fall below $35,000. At press time, however, the number one cryptocurrency has gone above $35,000 but yet to hit $36,000.
The weekend started wonderfully for BTC, however, the surge was followed by slumps and after some hours it plunged by around $3,000. Altcoin prices also slumped with ETH plunging below 2,700 and BNB beneath $400.
Bitcoin flirting at $36,000
In the early hours of Sunday, Bitcoin price crossed above $36,000 and since then been flirting with that price level with its intra-day low at $35,558.
BTC price fluctuation is a reflection of its movement during the week with its weekly high at $39,500. The number one cryptocurrency has not been able to break above $40,000 and Elon Musk’s latest controversial engagement drove the asset south to around $35,500.
On Saturday, BTC began recovering and headed towards $38,000. However, it failed to sustain its movement and started losing value in the past 24 hours again.
BTC dumped by about $3,000 to an intraday low beneath $35,000. Despite bouncing off to $36,000, Bitcoin has failed to leave that line simply fluctuating around that level.
Altcoins in sea of red
Altcoins simply followed suit with BTC and have their own dip worse compared to BTC. Ethereum was riding high yesterday above $2,800, but the market correction has driven it below $2,700.
Binance Coin’s performance was also quite impressive. BNB had jumped to an intraday high above $420. Nevertheless, the asset is also deep in red on a 24-hour scale and struggles below $400.
Cardano (-5%) is down to $1.7, DOGE (-5%) trades at $0.37, XRP (-5.5%) is well beneath $1, while DOT has lost the most from the top ten with a 8.5% dump to $24.
UNI, ICP, BCH, and LINK are also well in red from the larger cap altcoins.
The situation with the lower- and mid-cap altcoins is somewhat similar. THORChain (-11%), Fantom (-11%), PancakeSwap (-10%), Kusama (-10%), Terra (-10%), and BakeryToken (-10%) are among the double-digit losers.
Ultimately, the cumulative market capitalization of all cryptocurrency assets had lost $120 billion in a day at one point. However, the global crypto market cap is $1.69 trillion.