Bitcoin took a serious hit in the past 24 hours, dumping by almost $2,000 to chart a two-month low beneath $20,000.
The altcoins are in no better shape, with ETH, DOGE, SOL, LTC, TRX, and many others slumping by up to 15% in a day.
The past several days did not go well for the primary cryptocurrency. It was last Friday when it dropped from $23,500 to $22,000 as the Silvergate issues came to light, and, despite recovering some ground in the following days, it was unable to overcome $22,500.
The landscape was prompted to change mid-week as Fed Chair Jerome Powell spoke to Congress. This led to some volatility, but overall, BTC remained around $22,000.
Nevertheless, the change that the bears wanted to see came yesterday as BTC plummeted from almost $22,000 to under $19,900. Thus, the cryptocurrency charted its lowest price tag since January 14.
As a result, bitcoin’s market capitalization has nosedived to well below $400 billion. Its dominance over the alts has also taken a hit, dropping to 41.5%.
The old narrative that when BTC is going through turbulent times, the altcoins feel it even more gets another confirmation today. Ethereum received allegations that it could be classified as a security by US agencies, which resulted in a massive price dump. ETH is down by over 8% in a day and struggles to remain above $1,400.
Binance Coin, Ripple, Cardano, Polygon, Polkadot, Shiba Inu, and Avalanche have declined by similar percentages.
Even more substantial losses come from the likes of Dogecoin, Solana, TRON, Litecoin, Uniswap, and other representatives of the larger-cap alts. Huobi Token was among the poorest performers yesterday, as it even flash-crashed by 90% as one point.
The mid- and lower-cap altcoins are in a similar shape, with numerous double-digit declines. As such, it’s no surprise that the cumulative market cap of all crypto assets has lost over $70 billion in a day. Moreover, the metric has dumped all the way down to $925 billion on CMC.
