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    Home » Market Updates » Crypto Markets Lost $300B in 4 Days, Bitcoin Saw Lowest Daily Close Since July 2021 (Market Watch)

    Crypto Markets Lost $300B in 4 Days, Bitcoin Saw Lowest Daily Close Since July 2021 (Market Watch)

    Author: Jordan Lyanchev

    Last Updated May 10, 2022 @ 08:55

    Bitcoin charted its lowest daily close since the summer of 2021. Most of the altcoins continue to suffer even more with massive price drops.

    Bitcoin’s nosedives continued in the past 24 hours as the asset just doesn’t seem to stop losing value. Most altcoins are in a similar or even worse position, with massive price drops from Ripple, Solana, Cardano, Shiba Inu, Polkadot, and others. In contrast, NEAR Protocol is among the few gainers.

    Bitcoin’s Dump to $33K

    It was just four days ago when the primary digital asset had spiked to $40,000 following the latest FOMC meeting. Although it failed at overcoming this level, it stood close to it for several hours before the market outlook changed entirely.

    In just a matter of hours, BTC dumped by $4,000 to a multi-week low (at the time) of $36,000. While that was a substantial price drop of its own, it wasn’t the end. As reported yesterday, bitcoin slid below $35,000 to chart a new local bottom – this time, the lowest since late January.

    However, that was not all either, as the cryptocurrency fell once again to just over $33,000. This became its lowest daily close price since the summer of last year.

    As of now, bitcoin still struggles around that level. As such, its market capitalization has taken another hit and is now down to $635 billion.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Altcoins Keep Losing Value

    Similar to bitcoin, most alternative coins have been freefalling in the past several days as well. Many charted multi-month lows of their own.

    Ethereum touched $3,000 earlier this month, but it has lost over $500 since then. Another 4.5% decline in the past 24 hours brought the second-largest cryptocurrency well beneath $2,500.

    Binance Coin (down by 5% in a day) now trades at $340 after standing above $400 less than a week ago. Terra and Dogecoin have declined by similar percentages.

    Ripple, Solana, Cardano, Polkadot, Avalance, and Shiba Inu have lost even more substantial chunks of value.

    NEAR Protocol is among the few exceptions, with a notable price increase of 9%. Consequently, NEAR trades above $11.

    Nevertheless, the cumulative market cap of all crypto assets is down to just over $1.5 trillion. This means that the metric has seen about $300 billion gone in four days.

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