The highly volatile nature of the crypto market was displayed again in the past 24 hours, with bitcoin leading the race with a massive drop of $11,000. Most alternative coins have also joined the ride south, and the crypto market cap has lost more than $260 billion in a day.
Bitcoin Slumps to $50K (Again)
The “no boring days in crypto” narrative received more confirmation in the past 24 hours, but this time in a negative light. Bitcoin had just painted its latest all-time high above $58,400, and as it seemed quite bullish for the asset, the situation changed in a matter of hours.
BTC headed south vigorously and lost over $11,000 of value to an intraday low of $47,500. Shortly after this massive drop, the bulls took charge and drove the cryptocurrency back to $55,000.
However, bitcoin couldn’t sustain its recovery and dipped below $50,000 once more. At the time of this writing, the primary crypto has regained some traction and currently sits just above the coveted $50,000 mark.
Ultimately, BTC’s market capitalization has lost more than $100 billion in a day and has dropped well beneath the $1 trillion level.
Altcoins in a Sea of Red
As it typically happens during a sharp correction, most alternative coins have it even worse than their leader. Ethereum has decreased by over 15% on a 24-hour scale to $1,600. Just for reference, the second-largest crypto painted a new ATH during the weekend at above $2,040. As such, ETH is down by more than $400 in a few days.
Binance Coin, which also surged to new record levels around $350 lately, has plummeted to $235. Polkadot (-8%), Cardano (-5%), Ripple (-12%), Litecoin (-15%), Chainlink (-17%) are also well in the red from the top ten.
Further losses are evident from Dodo (-25%), Elrond (-24%), Siacoin (-23%), IOST (-23%), 1inch (-23%), Ontology (-22%), Aave (-20%), Curve Dao Token (-20%), Waves (-20%), BitTorrent (-20%) and more.
Consequently, the cumulative market capitalization of all cryptocurrency assets has plummeted by more than $260 billion to $1.5 trillion.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
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.