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    Home » Market Updates » Bitcoin Crashing $1500 In 48-Hours: $40 Billion Evaporated From The Total Market Cap

    Bitcoin Crashing $1500 In 48-Hours: $40 Billion Evaporated From The Total Market Cap

    Author: Jordan Lyanchev

    Last Updated Sep 3, 2020 @ 13:28

    The cryptocurrency market continues plunging in value after losing over $40 billion of its market cap in two days. Bitcoin plummets below $11,000 and alts follow suit with several double-digit declines.

    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.

    BTC/USD Chart. Source: Twitter
    BTC/USD Chart. Source: Twitter

     

    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.

    Cryptocurrency Market Overview. Source: coin360.com
    Cryptocurrency Market Overview. Source: coin360.com

    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.

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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.
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    Read more on: Bitcoin (BTC) Price Ethereum (ETH) 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

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