Bitcoin Plunges Towards $30K: Market Cap Looses $80 Billion In A Day (Market Watch)

BTCUSD. Source: TradingView

After another false breakout, bitcoin has retraced once again and struggles to maintain above $31,000. Most alternative coins have followed the move south, and the total market cap has lost about $80 billion since yesterday.

Bitcoin Fails At $35K

The primary cryptocurrency has seen better days as it has lost about 15% in just a week. Several days ago, it dipped beneath $29,000, and while it seemed that yesterday’s trading session would be more bullish, the situation has reversed.

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BTC initiated a leg up that resulted in a daily high of $35,000. However, as the bulls were preparing for a further increase, the bears took charge and drove the asset back down again.

In the following hours, BTC lost about $4,000 of value and has dropped all the way to $31,000. The technical indicators suggest that this is the first major support level that could contain the retracement. If bitcoin breaks below it, the next one is at $30,760, before potentially relying on the psychological $30,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Fall Hard Too

Most alternative coins painted serious gains in the past few days and managed to reduce BTC’s dominance over the market. Nevertheless, they have followed their leader during the current correction.

Ethereum has lost more than 7% and struggles with $1,300. The rest of the top ten coins are also well in the red. Namely, those are: Ripple (-6%), Bitcoin Cash (-6%), Binance Coin (-4%), Cardano (-4%), Chainlink (-8%), Litecoin (-7%), and Polkadot (-7%).

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

The situation among the lower- and mid-cap altcoins is even worse. NEAR Protocol has lost the most on a 24-hour scale with a 17% drop. NXM (-16%), SushiSwap (-14%), Compound (-13%), The Graph (-13%), Reserve Rights (-13%), and Synthetix (-12%) are just some of the examples.

Nevertheless, there are several impressive gainers as well. Those include Horizen (24%), Nervos Network (22%), Celo (20%), ICON (12%), and Decred (12%).

However, the cumulative market capitalization of all cryptocurrencies has shrunk by about $80 billion in a day to $930 billion.


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