Bears have returned to the cryptocurrency space as bitcoin lost over $ 6,000 in hours. The altcoins are also deep in red, with ETH, DOT, LUNA, and LTC dropping by double-digit percentages in a day.
Bitcoin drops to 10-day low
Less than a week ago, the leading cryptocurrency hit $ 69,000 for its latest ATH record. As the community wondered if it had the strength to continue upwards and tap $70,000, the landscape changed.
BTC plunged to $ 63,000 hours later, rebounded to $ 65,000, and headed south again in the following days. Yesterday, though, seemed significantly more promising as bitcoin surged above $66,000.
This recovery session was also short-lived, however. In the hours that followed, the asset started to lose value quickly and dropped to just over $ 60,000 (on Bitstamp), which became the lowest price since November 6.
Bitcoin’s market capitalization has dropped to $1.150 trillion – meaning a $100 billion decline in just a day.
The alts only see red
As usually happens when BTC drops hard, so we made the alternate coins. Ethereum is among the leaders in this adverse trend with a massive near 10% price dump. As a result, ETH is currently trading below $ 4,300. The second largest crypto also hit a new ATH last week at nearly $ 4,900.
Polkadot, Terra, Litecoin, Chainlink, and Bitcoin Cash have lost around 10% as well in the past 24 hours. As a result, DOT fell to $ 42, Luna to $ 45, LTC is below $ 250, LINK is just over $ 30, and BCH is below $ 620.
More losses come from Binance Coin, Solana, Cardano, Ripple, Dogecoin, and Avalanche. Interestingly, Shiba Inu has taken this correction rather well with “just” a 3.5% drop.
CRO (-16%) lost the most in one day, followed by Kadena (-14%), Audius (-13%), NEAR Protocol (-13%), Chainlink (-12%), OMG Network (-12 %), VeChain (-12%), Cosmos (-12%), The Graph (-12%), and many more.
As such, the cryptocurrency market capitalization is down by more than $200 billion in a day.
