Like it has been the trend over the past three weeks that Bitcoin and the entire crypto enjoys a blossom weekend and begins failing during the week, a repeat has started this week again.
Bitcoin has been operating in troubled waters in the past 24 hours after its price slide to a low well beneath $32,000. Altcoins also had a taste of the price fall as they traded in the dip on Wednesday. ETH and BNB trade below $2,000 and $300, respectively.
The entire crypto market in two days has lost over $120 billion as BTC dumped to its lowest price line in 17 days.
Bitcoin dumps below $32,000
After an indifferent weekend of price surge and subsequent crash, the number one crypto increased compared to its closing amount last week. It went from around $33,000 to a high of just shy of $35,000.
The bears took over the market after denying any potential price surge. They drove the market further down instead.
Bitcoin dropped to $33,000, and even though it tried to bounce off, the situation has only worsened since then. It went down plunging below $32,000 a line it has not dropped below since June and reached an intraday low of around $31,650 (on Bitstamp). This became its lowest price line in 17 days.
Although the coin struggles to regain some ground, its market capitalization had dumped below $600 billion, while the dominance has actually increased to 46% due to the bloodbath among altcoins
Altcoins reek of red as ETH dumps to $1.9k
Altcoins have dumped even more than Bitcoin has in the past 48 hours. Ethereum went as high as $2,450 about a week ago but has lost more than 20% of its value since then.
The number one altcoin (ETH) broke beneath $2,000, as the bears kept the pressure on, and it’s now struggling to remain above $1,900.
Binance coin has also recorded huge losses. A 6.5% decrease in 24 hours has driven it below $300. Binance Coin few days back was trading above $340 and still went ahead to dip below $300.
Other larger-cap altcoins are also deep in red. Those include Cardano (-7.5%), Ripple (-6%), Dogecoin (-5.5%), Polkadot (-9%), Bitcoin Cash (-6.5%), Litecoin (-5.5%), Solana (-8%), and Chainlink (-8%).
Furthermore, Uniswap has charted a double-digit price drop of -13%. As a result, UNI trades just over $17.
More losses come from Cosmos (-15%), Synthetix (-15%), Terra (-15%), Telcoin (-14%), Decentraland (-14%), Theta Fuel (-13%), Enjin Coin (-12%), THETA (-12%), IOTA (-12%), Sinacoin (-11%), and so on.
Ultimately, the cumulative market capitalization has declined by $80 billion in a day and more than $120 billion in two days to $1.3 trillion.