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.
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Cryptocurrency charts by TradingView.