Both Bitcoin and other altcoins Ethereum, BNB, Doge all got hit in the past 24 hours with their prices slipping further down.
The entire crypto market lost over $1 billion in the crash as cryptocurrencies are struggling to pick up their losses.
Bitcoin dropped by a few thousands below $35,000as altcoins also did. ETH dropped below $2,300 while BNB fell to $330.
Bitcoin’s fall after rising on El Salvador
The number one cryptocurrency has been performing well recently after the boost from El Salvador that the country has made the coin a legal tender.
BTC spiked to a six-day high at $38,500 on Thursday but retraced slightly to around $37,000, where it stood yesterday. However, the situation has changed quite vigorously since then.
The primary crypto lost more than $2,000 in hours and briefly dipped beneath $35,000. Despite recovering a few hundred dollars and currently standing above that line, BTC is still 4% down on a 24-hour scale.
The Bitcoin market cap has dropped below $700 billion again as the only good news is it market dominance over other cryptocurrencies which tanked to 44%.
Blood bath in altcoin market
Bitcoins 4% dip is a good performance compared to how altcoins have slipped. They are in a deeper red.
Ethereum jumped above $2,600, but it has retraced by around $300 since then to $2,300.
Binance Coin has lost $50 from its mid-week peak when the asset spiked above $380. The latest retracement, though, has driven BNB to around $330.
Cardano (-8.5%) struggles below $1.4. DOGE (-5%), XRP (-5%), BCH (-7%), LTC (-9%), and SOL (-9%) are also deep in red from the larger-cap altcoins.
DOT and Uniswap have it worse declining by double digits. They have lost around $20 in their value.
Lower and mid-cap altcoins have it worse than larger altcoins. Their dip has been monstrous.
THORChain has dropped the most since yesterday, after a 20% decline to $6.5.
Bitcoin Gold (-16%), Kusama (-16%), Siacoin (-15%), SushiSwap (-15%), Amp (-15%), Fantom (-14%), ICP (-12%), Klaytn (-12%), Horizen (-12%), and SHIBA INU (-12%) are just a few more representatives of the double-digit losers club.
Largely, the bearish sentiment has prevailed in the crypto market over the past month ever since the May second week market sell-off. The Crypto market lost nearly a trillion dollars of its market cap during last month’s sell-off. On-chain metrics suggest the trading volume has come down significantly for most cryptocurrencies including the highly popular NFT market.
The entire crypto market cap has lost $100 billion in a day and $160 billion in two days and is now struggling around $1.5 trillion.