HomeBitcoin heads towards $40k, $80 billion wiped off cryptocurrency market cap

Bitcoin heads towards $40k, $80 billion wiped off cryptocurrency market cap

After a relatively positive Saturday, the bears returned to the market and pushed bitcoin south below $41,000. Altcoins also suffered hard, with Ethereum dropping below $2800.

Bitcoin dumps under $41,000

It is safe to say that the past few days have not gone well for the core cryptocurrency. The original performed well until Friday, when a new batch of Chinese bans appeared formulations She drove south hard. Within minutes, bitcoin plummeted from above $45,000 to below $41,000.

On Saturday, BTC used to regain some ground and pushed above $43,000. However, this quest was short-lived as it bounced back below this level almost instantly.

He. She trade around $42,000 for about a day before the bears regained control again minutes ago. This time, the cryptocurrency dropped to $40,800. So far, it has bounced and recovered a few hundred dollars, but it’s still down 1.3% on the day.

Bitcoin’s market cap has fallen below $800 billion again, but its dominance of alternatives has approached 43% with most suffering the most.

BTCUSD. Source: TradingView

Red sea on Altcoin Street

As mentioned above, alt coins are in worse shape than their leader. Ethereum has lost another 3% of its value since yesterday and is well below $2,800. Cardano, the only altcoin with the largest volume in green yesterday, is down 5% today to $2.17.

Ripple and Dogecoin recorded similar losses. Binance Coin, Solana, Polkadot, Avalanche and Terra got rid of more than that in a single day. As a result, BNB is priced at $320, SOL is priced at $126, DOT (27%), AVAX ($63), and LUNA ($34).

An overview of the cryptocurrency market.  Source: Quantify Crypto
An overview of the cryptocurrency market. Source: Quantify Crypto

Aside from Celer Network, which is up again in double digits, most of the other low and mid cap alternatives bled out. Huobi Token (-16%), Filecoin (-12%), Celo (-11%), Fantom (-11%), THORchain (-10%), and Arweave (-10%) are a few examples.

The cryptocurrency market cap has fallen by nearly $100 billion a day and $200 billion since Friday to $1.8 trillion.

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Cryptocurrency Schemes by TradingView.

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