The plunge recorded in the crypto market over the past few days has taken a massive turn in the past 24 hours. Over $250 billion wiped off the market, with major coins plunging below many critical levels.
Bears continue to dominate the market with the latest factor to blame, China’s reiteration of its crypto ban. The sizeable $250,000 billion that disappeared from the market followed BTC dump below $40,000, ETH fall below $3000, and BNB fall below $4,000.
It has been a long 24 hours for crypto investors.
Bitcoin below $40,000
From struggling back above $60,000 to settling down at $38,485, this summarizes BTC price over the week.
The number one crypto was riding high above $58,000 a week ago before it dumped below $50,000 in a matter of days, and ever since, it kept going south.
Elon Musk inspired the first wave as his electric vehicle company, Tesla stopped receiving BTC payments for its products. Yesterday, reports emerged reiterating China’s negative stance on Bitcoin, inspiring the second wave of freefall.
Afterward, the crypto slumped to its lowest price tag since early February of $38,500. In the last 24 hours, the coin price has dropped by over 10%.
The only positive for Bitcoin amidst all these crises is the fact that its dominance increased to over 40% as the altcoins have suffered the market crash even worse.
Crypto market overview: ETH, BNB lead altcoin recess
Ethereum barely a week ago celebrated its price surge to a New All-Time High at $4,000 and now struggling below $2,700. It took ETH less than seven days to cross from $3,000 to $4,000.
The second-largest crypto continued further north and charted its latest record above $4,400 on May 12th.
However, the ever-volatile nature of the crypto market struck, and prices started to tumble. As a result, ETH lost roughly $1,500 of value to an intraday low of $2,650.
Other altcoins faced a similar fate with BNB, which neared $700 a week ago, went down to just over $400 today. Cardano (-16%), Dogecoin (-15%), Polkadot (-8%), Litecoin (-12%), Bitcoin Cash (-15%), Chainlink (-5%), and Uniswap (-15%) are also deep in red.
Polygon (MATIC) is the only coin trading in green. The asset is up by another 10% in the past 24 hours and reached a new ATH at over $2.4 earlier.
Ultimately, the value of the entire crypto market cap has shrunk by 18% and is now valued slightly above $1.8 trillion.