The adverse price developments in the crypto market continue for a second consecutive day, with bitcoin dropping below $48,000. Most altcoins have suffered even more with massive price dumps, and the crypto market cap has lost about $100 billion in a day.
Bitcoin Slid Below $48K
It was just two days ago when the primary cryptocurrency was riding high and charting multi-month highs. As reported on Monday, the asset broke above $50,000 for the first time since mid-May and went as high as $50,400.
However, it failed to continue upwards. Just the opposite, it started to lose value somewhat rapidly, lost the $50,000 mark, and kept dumping. In the past 24 hours, it went to $47,600.
BTC bounced off initially and added $1,000 of value in a matter of hours, but this attempt was short-lived. The bears came to play again and pushed the cryptocurrency south to its current level of below $48,000.
This enhanced volatility in the past 24 hours has caused pain for some leveraged traders. Bybt data shows that the liquidations within this time period have gone to over $450 million. The largest single liquidation order has taken place on Bybit. A user trading BTC has lost just under $5 million.
Altcoins Retrace Hard
As it typically happens when there’s increased volatility in the market, the altcoins’ fluctuations are even more impressive. This time, though, they have headed south.
Ethereum is down by 5% and currently stands below $3,200. Binance Coin has taken this correction relatively well, with a 2.5% drop to $485.
Cardano, which went to new ATHs recently, is down by 6.5% and sits just above $2.7. Ripple (-8%), Dogecoin (-8%), Polkadot (-7%), Solana (-10%), Uniswap (-8.5%), LUNA (-11%), and Bitcoin Cash (-5%) are even deeper in red.
More losses are evident from Telcoin (-13%), Zilliqa (-12%), SwissBorg (-12%), Ontology (-11%), XinFin Network (-11%), Audius (-10%), SushiSwap (-10%), and many more.
Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost just over $100 billion in a day.
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Cryptocurrency charts by TradingView.