The entire crypto market has continued to bleed in the past 24 hours as Bitcoin, altcoins have continued to plunge serially. It has led to almost $100bn disappearing from the crypto market.
Bitcoin experienced another catastrophe after its price fell below $30,000 for the first time in roughly a month. With BTC capital fall, altcoins have also experienced double-digit drops.
Good news despite Bitcoin drop below $30,000
Undoubtedly, Bitcoin has experienced better times until now. The coin in less than one week dropped by over $4,000, unlike last week when the number one crypto tried breaking $35,000.
However, the bears have taken over and drove Bitcoin south for several consecutive days. Hence, the cryptocurrency struggled around $31,000, but its position worsened in the past 24 hours.
It dropped below $30,000 to an intraday low of around $29,500. The last time BTC was below $30,000 was June 22nd.
Over the past week, the entire crypto market has remained indifferent. However, in the wake of all the price drop and bear dominance in the market on-chain metrics suggest whales may be steadily accumulating BTC, a good development after the plunge.
According to Glassnode’s July 19 “The Week On-Chain” report, the Bitcoin reserves of centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, with an average of 36,000 Bitcoin (worth roughly $1 billion) being withdrawn from exchanges monthly.
Glassnode infers the shrinking Bitcoin reserves on exchanges as indicating large investors moving BTC into secure storage rather than leaving their coins on exchanges in preparation for selling.
Another good development is the recent increase in the number of entities hodling Bitcoin since May, increasing from roughly 250,000 to nearly 300,000.
At the time of writing, BTC trades at $29,803 reclaiming some ground from its intraday low. Its market capitalization has suffered after the dip. BTC’s market cap is less than $570 billion.
The drop in altcoin prices has worked magic on BTC’s dominance, however, as it has increased by 46%.
Altcoins continue to bleed out
Like it is when BTC price drops, altcoins tend to drop further. The scenario remains the same now.
Ethereum, for example, traded above $1,950 just two days ago, but it has dropped by more than $200 since then. Earlier today, ETH dipped to $1,720, which became its lowest price position since late June as well.
Binance Coin also saw a multi-week low of around $260 after a double-digit price drop. More similar declines come from Cardano (-7.4%), Ripple (-5.84%), Polkadot (-6.35%), Uniswap (-6.22%), Bitcoin Cash (-5.81%), Litecoin (-5.76%), Solana (-5.8%), and Litecoin (-6.5%).
The situation with the lower- and mid-cap altcoins is quite bearish as well. NEM leads the adverse trend with a 20% dump to $0.12.
THORChain (-19%), Mdex (-19%), Polygon (-17%), Decred (-16%), Kusama (-15%), Telcoin (-15%), Siacoin (-15%), Theta Fuel (-14%), Enjin Coin (-14%), and Stacks (-13%) are just a few more reps of the double-digit price drop club.
Ultimately, the cumulative market capitalization of all cryptocurrency assets has dumped by about $100 billion in just a day to $1.2 trillion.