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Home » Market Updates » Market Watch: Bitcoin Rejected at $60K, Crypto Markets Lost $100B Daily

Market Watch: Bitcoin Rejected at $60K, Crypto Markets Lost $100B Daily

Author: Jordan Lyanchev

Last Updated Nov 23, 2021 @ 09:56

The crypto market cap dropped by $100 billion in a day as bitcoin and most larger-cap altcoins have marked some losses.

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After the positive weekend, bitcoin was rejected at $60,000 and dropped by a few thousand dollars to $57,000. Most altcoins are also trading in the red, except for CRO and Elrond as both went on to register new all-time highs.

Bitcoin Rejected at $60K

After several consecutive days of losing value, in which bitcoin dumped by 20% from its peak to a monthly low of below $56,000, the asset finally started to recover some ground during the weekend.

It spiked by around $3,000 on Saturday and even neared $60,000 on Sunday. However, it failed to breach it, and the subsequent rejection drove it south hard.

In just a matter of hours, BTC went down by a few thousand dollars and even dipped below $57,000. As of now, it has bounced off rather well and currently sits close to $58,000.

Nevertheless, bitcoin’s market capitalization has dropped well below $1.1 trillion, and its dominance over the alts remains at just over 42%.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

CRO and EGLD See New Peaks

Most alts have mimicked BTC’s performance in the past several days, which means they are slightly in the red today. Ethereum went above $4,350 yesterday, but a 3% decline has driven it back down to around $4,200.

Binance Coin (-1.7%) has decreased to $575, Cardano (-3.5%) is down to $1.8, and more losses come from Ripple, Polkadot, Dogecoin, Shiba Inu, and Terra.

Solana (3%) and Avalanche (1%) are the only two coins from the top 10 in the green. AVAX continues with its impressive performance by tapping frequent ATHs.

Speaking of records, Crypto.com’s native token has also charted a new one above $0.7 following a massive 11%. Elrond (EGLD) has skyrocketed by 23% and also charted a new peak.

More price increases are evident from Voyager Token (13%), Flow (12%), IOTA (12%), Curve DAO Token (11%), Secret (10%), Oasis Network (10%), and Stacks (10%).

In contrast, GALA (-20%), Arweave (-13%), Kadena (-12%), Nexo (-10%), Immutable X (-8%), KuCoin Token (-8%), and Tezos (-7%) have lost the most in a day.

The cryptocurrency market capitalization went down by around $100 billion in a day since yesterday’s peak and is at $2.7 trillion on CoinGecko now.

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.
Tags: Bitcoin (BTC) Price
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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 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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