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Home » Market Updates » Bitcoin Price Dumped $2K as Crypto Market Cap Loses $100B (Market Watch)

Bitcoin Price Dumped $2K as Crypto Market Cap Loses $100B (Market Watch)

Author: Jordan Lyanchev

Last Updated Jul 9, 2021 @ 08:34

The crypto market cap dipped below $1.4 trillion as bitcoin, and most of the alternative coins headed south in the past 24 hours.

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After unsuccessfully trying to break above $35,000, bitcoin reversed its trajectory once more and dumped by over $2,000 in hours. Most alternative coins are also well in red, with the total market cap losing $100 billion since yesterday’s high.

Bitcoin Dips Beneath $33K

Just a few days ago, during the weekend, the primary cryptocurrency took a swing at $36,000, but it failed and retraced to around $33,000. It went up once more in the following days to approximately $35,000, but more negative information coming from China brought it down by a few thousand dollars again.

However, it seems the Chinese effects have weakened lately, and bitcoin regained all losses relatively quickly. As reported yesterday, it neared and even briefly jumped above $35,000.

Nevertheless, it failed to decisively overcome that particular level as the bears stepped up. In a matter of hours, they intensified the pressure, and BTC lost more than $2,000. As a result, the asset dumped to a daily low of $32,800, which became the lowest price line since July 2nd.

Despite bouncing off and reclaiming $33,000 since then, bitcoin is still more than 4% down on a 24-hour scale, and its market cap is well below $650 billion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red

The situation with the alternative coins is similar to a large extent. Ethereum was among the best performers lately, especially after confirmation that the London hard fork will occur in early August. The second-largest crypto pumped to a 3-week high at well over $2,300.

However, ETH has dropped by more than 7% since yesterday and is close to breaking below $2,200 as of now.

Binance Coin has retraced by 5% and is down to $320. Cardano (-4%), Ripple (-5.5%), Polkadot (-5.5%) Bitcoin Cash (-5.5%), and Litecoin (-5.5%) have all gone down by a similar percentage.

Furthermore, Dogecoin (-8.5%), Uniswap (-10%), and Chainlink (-10%) have lost the most from the larger cap alts.

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

Interestingly, Flow (33%), Stacks (19%), and BakeryToken (11%) have charted impressive gains in this bloody day. Most other lower- and mid-cap altcoins are deep in red as well.

KuCoin Token, which was riding high for several consecutive days, is down by 21% since yesterday. SushiSwap (-13%), Compound (-12%), Synthetix (-12%), Avalanche (-11%), Telcoin (-10%), THORChain (-10%), Horizen (-10%), and PancakeSwap (-10%) complete the double digit price dump club.

Ultimately, the cumulative market capitalization saw $100 billion evaporated from yesterday’s high at one point.

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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.
Tags: Bitcoin (BTC) Price
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About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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