in

Bitcoin Plummeted $6K as Crypto Market Lost $200 Billion (Market Watch)

Bitcoin Plummeted $6K as Crypto Market Lost $200 Billion (Market Watch)


After reaching a new 3-week high at $59,600, bitcoin slumped by roughly $6,000 in a matter of hours. Most alternative coins followed suit. Red dominates the field, and nearly $200 billion were evaporated from the total market cap.

Bitcoin’s $6K Dump

Although BTC has failed to overcome $60,000, it was actually riding high in the past few days. As reported yesterday, the cryptocurrency spiked to its 3-week highest level at $59,600.

As the community started to anticipate another leg up to and above $60,000, though, the bears took control.

In the following hours, bitcoin started to lose value fast. As a result, the primary crypto fell by more than $6,000 to an intraday low of just below $53,600.

Despite bouncing off and recovering a few thousand dollars, BTC is still about 6% down on a 24-hour scale. Furthermore, bitcoin’s market dominance continues to fade away and is now down below 43%.

BTCUSD. Source: TradingView

Sea of Red Among the Altcoins

The alternative coins were performing more impressively than their leader in the past few weeks. However, most of them have plummeted since yesterday as well.

Ethereum, which has been at the forefront of the altseason, registered yet another all-time high at $4,200 yesterday. However, it dumped by about $400 almost immediately to a low around $3,800. ETH has recovered some ground since then but still stands below $4,000.

Binance Coin (-5.5%), Ripple (-10%), Cardano (-7.5%), Polkadot (-12%), Bitcoin Cash (-12%), Litecoin (-12%), and Chainlink (-12%) are also deep in red.

Dogecoin continues with its slide since Elon Musk’s SNL appearance during the weekend. Another 11% dump has driven the meme coin below $0.5.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses come from Bitcoin Diamond (-20%), Qtum (-18%), ICON (-17%), Ethereum Classic (-17%), OMG Network (-15%), Fantom (-15%), DigiByte (-15%), Ontology (-15%), Avalanche (-15%), EOS (-15%), and more.

Naturally, the crypto market cap also felt hard and declined by about $200 billion at one point after yesterday’s record above $2.5T. As of writing these lines, though, the metric has increased above $2.4 trillion.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

DogeCoin (DOGE) Enters the Top-5 Crypto List With New All-Time High of $0.42

Goldman Sachs MD Becomes Dogecoin (DOGE) Millionaire, Quits Company

Regulators in South Korea have asked the country

South Korean regulators ask banks to disclose details on their crypto exchange clients.