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.
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.
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.
