Author: It appears that the cryptocurrency market hasn’t stopped plummeting in value. After losing over $20 billion worth of the total market cap in a day, the situation just worsened. Bitcoin further plunged to below $11,000, Ethereum dumped to $400, and the rest of the altcoins follow along.
Bitcoin Plummets Below $11K
It’s safe to say that the cryptocurrency market has seen better days as the blood bath that started yesterday has just intensified: Bitcoin was trading at $11,400 after recovering some of the losses charted before, but a sudden leg-down took the asset down to as low as $10,600 (on Binance), as of writing these lines.
As of now, BTC has regained some value and is currently trading above $10,800, as the situation is volatile and fragile.
If Bitcoin breaks the current low, veteran cryptocurrency analyst Crypto Yoda believes that the asset could drop to $10,500, which was also the previous 2020 high from February, before retesting $10,200.
Interestingly, there’s a large CME gap left opened at about $9,600. Given BTC’s history to fill those gaps almost always, it wouldn’t be a surprise if it materializes again in the coming days.
Bitcoin’s losses are much worse when looking at the larger scale. Just a few days ago, the primary cryptocurrency was attempting to breach over $12,000. However, the sharp rejection at the time continues to affect the asset, which has now lost over $1,200 (10%) since September 1st.
Altcoins Follow Suit With A Massive Dump: ETH Fights For $400
As it generally happens with a sudden price crash, most alternative coins resemble Bitcoin’s movements. Ethereum’s two-day dump continues with another 7%, and Ether is now trading at about $410.
Ripple is down by 4% to $0.26, and just a few days ago, XRP tested $0,30. Chainlink continues losing significant chunks of value following another 10% drop to below $13,5. Thus, Polkadot, which drops by “only” 1.5%, solidifies its position in the top 5.
Further losses are evident from Bitcoin Cash (-6.2%), Litecoin (-8%), Binance Coin (-6%), BitcoinSV (-7.5%), Cardano (-7.5%), Tezos (-9%), and Cosmos (-14%).
Lower-cap alts also bleed out with Ampleforth leading with its 37% dump, bZx Protocol (-21%), Band Protocol (-20%), and SushiSwap (-16%) follow.
Despite a few gainers such as Tron, which continues on its way up with a 7% pump, the market’s total cap keeps suffering. After reaching a high of $394 billion on Tuesday, the metric has fallen by over 10% to $354 billion.
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.
