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    Home » Market Updates » $200 Billion Gone From Crypto Markets as Bitcoin Dumped to 6-Month Low (Market Watch)

    $200 Billion Gone From Crypto Markets as Bitcoin Dumped to 6-Month Low (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Jan 21, 2022 @ 16:04

    The bears have complete control over the cryptocurrency market with $200 billion gone in a day as BTC dumped below $40K.

    Bitcoin dropped by more than $5,000 in hours and dumped to its lowest price point in roughly six months. The altcoins are also deep in the red, with Ethereum sliding below $4,000 and the entire market cap losing about $200 billion in a day.

    Bitcoin Dumps to a 6-Month Low

    After the past several days of gradually decreasing in value and calming around $42,000, the primary cryptocurrency finally initiated an impressive leg up. It shot up by $1,500 in hours and touched a multi-day high at $43,500.

    As the bulls were preparing for another increase, the bears came to play and changed the landscape vigorously. Bitcoin started to lose value massively and dumped to $40,000. However, the worst was yet to come.

    In the following hours, BTC lost that coveted resistance line and kept plunging. This time, it plummeted to $38,250, which became the lowest price level since August 5th, 2021.

    Somewhat expectedly, this enhanced volatility caused pain for over-leveraged traders, with the liquidations rising above $700 million in a day.

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    As of now, the asset has recovered some ground and stands around $39,000. However, its market capitalization has suffered quite a bit and is now beneath $750 billion.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Altcoins in a Sea of Red

    The altcoins also jumped in value yesterday, but as with bitcoin, it turned out to be a false breakout. As of now, the entire alt landscape is in red.

    Ethereum touched $3,200 yesterday but an 8% slump has driven the second-largest cryptocurrency to under $2,900. Binance Coin (-8%), Cardano (-8%), Solana (-9%), Dogecoin (-7%), Avalanche (-9%), Shiba Inu (-7%), MATIC (-7%), and Ripple (-7%) are all well in the red on a daily scale.

    NEAR Protocol and Algorand have lost even more value on a daily scale, dropping by 13% each.

    Even more price losses are evident from SCRT (-20%), LRC (-15%), POKT (-14%), QNT (-14%), RUNE (-13%), Gala (-12%), AAVE (-11.5%), ZEC (-11.5%), and many others.

    Ultimately, the cryptocurrency market capitalization went down by $200 billion from yesterday’s peak at $2.050 trillion to below $1.850 trillion.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto
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    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.
    Tags: Bitcoin (BTC) Price Total Market Cap
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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