Crypto market cap drops by over $260 billion in 24 hours as BTC drops below $50k
2 min readTL;DR Breakdown
- Current crypto market reflects highly volatile crypto nature.
- Altcoin market in a pool of red.
The entire crypto market has seen over $260 billion evaporate as the price of Bitcoin dips below the much-coveted $50,000 level. Other significant altcoins have also continued to plunge, with ETH, BNB, BCH, and XRP all plunging serially alongside BTC.
The plunge the crypto market has seen in the last 24 hours further reaffirms the digital currency space’s highly volatile nature. Bitcoin has dropped by $11,000 to contribute to the $260 billion loss the market has experienced.
Bitcoin plunge below $50,000
At the time of writing, the number one cryptocurrency trades at $47,108, heightening retail and short-time investors’ fears as it remains in a negative light. The king of crypto started this plunge shortly after its latest all-time high above $58,400, and it looked very prospective to hit $60,000 until its fate changed in 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.
Largely, the Bitcoin market cap alone has lost over $100 billion in 24 hours and dropped below the $1 trillion level.
As crypto market falls, altcoins remain red
Just as it has always been, when Bitcoin falls serially, other altcoins follow and even go deeper than Bitcoin before they all begin to recover. Ethereum’s dip in the last 24 hours is over 17 percent, trading at $1,500. ETH, like Bitcoin, also hit an all-time high price at $2,040 during the weekend but down by over $500 two days after the weekend.
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 cryptocurrencies.
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 even more.
As a result of all these, collectively, the crypto market capitalization has plummeted by more than $260 billion to $1.5 trillion in the past 48 hours.
