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    Home » Market Updates » Crypto Market Cap Shreds $20 Billion In A Day As Bitcoin Slips $1K Below Tuesday’s Top

    Crypto Market Cap Shreds $20 Billion In A Day As Bitcoin Slips $1K Below Tuesday’s Top

    Author: Jordan Lyanchev

    Last Updated Nov 19, 2020 @ 10:17

    The cryptocurrency market has hit a wall as Bitcoin dropped $1,000 from yesterday’s high, while the altcoins have it even worse.

    After exploding to new yearly highs and displaying extreme volatility levels, Bitcoin has retraced beneath $17,500. Most alternative coins have followed suit, and the market capitalization has fallen below $500 billion.

    Bitcoins Tanks To $17,500

    The past several days have only exemplified Bitcoin’s impressive run in Q4 2020. The primary cryptocurrency was struggling beneath $16,000 for a bit before initiating a remarkable leg up that resulted in new records.

    BTC painted a new yearly high – something, which the asset has frequently been doing since early October. This time, the milestone was $18,500 – in other words, Bitcoin came less than $1,500 away from painting a fresh all-time high.

    Although it couldn’t do it just yet, BTC took down another record. Its total market capitalization reached a new highest level. This became possible because there’re more bitcoins in circulation now compared to the previous record from December 2017.

    After the spike towards $18,500, BTC demonstrated some of its vigorous volatility and dumped by over $1,000 in value to $17,400. More fluctuations followed that took Bitcoin to above $18,000 again. However, the cryptocurrency has ultimately dropped to its current level beneath $17,500.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Total Market Cap Plummets After Records

    Most altcoins mimicked BTC’s latest price pumps, resulting in a serious increase in the total market capitalization. The cumulative market cap of all cryptocurrency assets exceeded $510 billion – the highest level since January 2018.

    Nevertheless, the alternative coins have decreased in value since then, and the market cap has dipped by $20 billion to $490 billion.

    Ethereum saw a fresh 2020 high at $495 yesterday. The second-largest digital asset has lost about $30 in a day and currently struggles with $465.

    Litecoin is the only exception in the top ten with slight gains. Ripple, Bitcoin Cash, Binance Coin, Polkadot, and Cardano have all lost about 1-2% of value.

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

    OKB Coin is the most notable gainer (20%) in the past 24 hours. The native cryptocurrency of the popular exchange OKEx has perhaps surged on reports that authorities have released the platform’s founder.

    Yearn.Finance and SushiSwap are next with increases of 12% and 11%, respectively. Orchid (10%) and Waves (10%) complete the double-digit price pump club.

    On the other hand, Ampleforth (-10%), Aragon (-9%), and Band Protocol (-9%) have lost the most value.

     

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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.

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    Tags: Bitcoin (BTC) Price Chainlink (LINK) Price Ethereum (ETH) Price Total Market Cap
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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. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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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. Full disclaimer
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