The past 24 hours has marked another bearish season for Bitcoin as the entire market lost over $100 billion.

Bitcoin has struggled to hold still below the $45,000 level with Ethereum sliding below $3,000 and finding it tough to get back. Most other altcoins have also continued to struggle as the market reeks of red at press time.

The price drop across different coins has led to over $100 billion loss in the crypto market over the past 24 hours.


Bitcoin back and forth below $45,000

Bitcoin has been painting a bearish trend in the past 24 hours despite overcoming $44,000 decisively only for it to fall back to $42,000 region again.

Bitcoin started the weekend on a positive note when it bounced to $43,000 after series of drop in price. However, Sunday begun with a massive dump to $40,500 before a sudden price surge drove the asset to above $43,000.

This is after the number one cryto, last week was presented with two major warnings. The Evergrande debt crisis in China sending shockwaves across global capital markets, as well as an effective ban on cryptocurrency trading from the Chinese central bank.

On both occasions Bitcoin tested the $40,000 level of support before being met by bulls who drove it a step further.
Afterward, on Monday, BTC tapped a three-day high of $44,300. However, it failed to remain there and started to lose value gradually in the following hours.

It trades around $42,000 with its entire market capitalization below $800 billion.

Blood bath in Altcoin market

Just like it happens when Bitcoin price suffers, altcoins are not spared. The situation remains the same in the past 24 hours. Ethereum leads the price dump with a 6.5% drop. Just a few days ago, ETH was well above $3,100, but it’s now down to approximately $2,900.

The rest of the larger-cap alts are in a similar situation. These include Cardano (-5%), Binance Coin (-5%), Ripple (-4%), Solana (-3%), Polkadot (-7%), Dogecoin (-3%), Avax (-3.5%), Luna (-3%), and Uniwap (-5%).

Overview of prices in the crypto market over the past 24 hours, Credit; QuantifyCrypto

Lower and mid-cap altcoins have even suffered more. Perpetual Protocol has dropped the most in a day (-15%) to $15. Celer Network (-12%), Arweave (-11%), Curve DAO Token (-10%), ICON (-10%), SushiSwap (-10%), Hedera Hashgraph (-10%), Aave (-10%), and Algorand (-10%) are next.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has declined by $100 billion from yesterday’s peak to $1.850 billion.