CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$32,138.00
  • ethereum
    ETH$1,243.18
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Market Updates » $80 Billion Wiped Off Total Market Cap as Cryptocurrencies Get Massacred

    $80 Billion Wiped Off Total Market Cap as Cryptocurrencies Get Massacred

    Author: Jordan Lyanchev

    Last Updated Nov 26, 2020 @ 10:44

    Bitcoin tanked by $3,000 in just a few hours, while the altcoins see nothing but double-digit drops. The crypto market cap has lost $80 billion in a day.

    The cryptocurrency market experienced a massive nosedive today. $80 billion from the total capitalization were evaporated as Bitcoin plummeted below $17,000, while the altcoins had it even worse with notable double-digit price drops.

    The Red Sea Among The Altcoins

    The alternative coins enjoyed the past few weeks with some remarkable increases. This led to yearly records for many altcoins, including Ethereum reaching $620 and Ripple at nearly $0.90.

    However, the situation changed suddenly in the past 24 hours. The phrase “what goes up must come down” materialized with full force as the cumulative market capitalization of all cryptocurrency assets tanked from $580 billion to below $500 billion in less than a day.

    Crypto Market Cap. Source: CoinMarketCap
    Crypto Market Cap. Source: CoinMarketCap

    Most altcoins have suffered double-digit drops. Ethereum, Binance Coin, Polkadot, and Litecoin have lost about 16% of value. As a result, ETH is down to $505, BNB struggles at $28, DOT is at $4.8, while LTC sits beneath $75.

    Cardano, Bitcoin Cash, and Chainlink have dropped by 20% on a 24-hour scale. Ripple’s drop is even more damaging, as XRP has tanked by 25% to $0.52.

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

    Further losses are evident from lower and mid-cap altcoins. Verge, which was also on a roll lately, has dived by 35% since yesterday.

    Golem (-25%), Ziliqa (-25%), Reserve Rights (-24%), DigiByte (-24%), Nano (-23%), Loopring (-22%), Algorand (-22%), ICON (-22%), Status (-22%), and SushiSwap (-22%) are just a few more representatives of the double-digit losers.

    Bitcoins Slumps But Its Dominance Increases

    The primary cryptocurrency was not exempt from the adverse price developments in the market. Bitcoin was booming lately, resulting in peaking at $19,500. While the community was speculating on how long it will take for BTC to break its all-time high, the asset decided to prove the bulls wrong.

    In just a matter of hours, BTC lost $3,000 of value and bottomed at $16,500. Although it managed to reclaim the $17,000 mark, BTC is still down by 10% on a 24-hour scale.

    While there’re numerous possible reasons why Bitcoin may have plummeted so vigorously, there’s some good news for the asset. BTC’s dominance over the market has increased to 62.5% after dipping to 60% a few days ago. This became possible as the altcoins have tanked even more than Bitcoin.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView
    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 CRYPTOPOTATO35 code to get 35% 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.
    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram

    You Might Also Like:

    • Crypto Market Cap Shreds $20 Billion In A Day As Bitcoin Slips $1K Below Tuesday's Top
    • BitcoinEthereumSquarePayPal
      The Digital Age Is Here: Crypto And Fintech Companies Soar, While Bank Stocks Tank
    • BitcoinAltcoins
      Bitcoin Aims For New 35-Month High Retesting $18,400
    Read more on: Bitcoin (BTC) Price Ethereum (ETH) Price Ripple (XRP) Price Total Market Cap

    About The Author

    Jordan Lyanchev View 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

  • bitcoin
    BTC$32,138.00
  • ethereum
    ETH$1,243.18
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    ADVERTISEMENT
    bitmart
    Bitcoin Editorials
    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    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. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!