Over the past 24 hours, the entire crypto market has been in deep red as Bitcoin has once again dropped below $60,000 while over $200 billion has been wiped from the market.

The crash has significantly affected the value of the crypto market capitalization which has shrunk by $216 billion. It is the second time the market would see such a wild crash in November.

On November 11 when leveraged derivatives traders were liquidated the crypto market dumped $125 billion. Data by On-chain analyst Dylan LeClair has attributed the $216 billion slump over the last 24 hours to leveraged positions also.


Bitcoin dumps to $59,000

The number one cryptocurrency, Bitcoin leads the massive setback in the crypto market. BTC lost -9% of its value as it crashed down to $59, 776.

It means Bitcoin has now retreated 11.6% from its Nov. 10 all-time high of a touch over $69K. Pricing models such as stock-to-flow are still predicting larger gains for Bitcoin before the end of this year with a target price of $135K painted.

Fortunately, despite the price slump, Bitcoin price has still more than doubled its price since the beginning of the year when it was trading at around $29,000. According to Tradingview, there is support at the 50-day moving average which is around the $58,800 price zone.

BTC’s market dominance over altcoins, however, has dropped to 41.4%.

Altcoins see massive decline in market wild crash

Like the case is almost every time, whenever Bitcoin suffers, altcoins follow. Altcoins have also struggled like Bitcoin over the past 24 hours.

Ethereum has retreated 8% on the day in a tumble to $4,329 at the time of writing. ETH has now lost 11.2% from its all-time high of $4,878 also on Nov. 10.

The altcoin market is a sea of red at the moment with no token in the top 50 making a gain today. Binance Coin, Solana, Cardano, XRP, and Polkadot have all lost between 6% and 11% over the past 24 hours.

Crypto market heatmap over the past 24 hours, Source; QuantifyCrypto

Larger losses are being felt by other altcoins such as Litecoin (LTC), Chainlink (LINK), and Crypto.com (CRO) which have all decreased more than 12% on the day.

Ultimately, the value of the entire crypto market has dropped below $3 trillion to $2.75 trillion at press time (CoinGecko).