Cryptocurrency Market Crashes, Loses $60 Billion in Value Every Day
The cryptocurrency market cap lost $60 billion in value every day as bitcoin prices fell to a six-week low, while Ethereum prices dropped by nearly 10%.
It's been a tough few weeks for bitcoin investors, as the digital currency has seen its value drop significantly. Yesterday's brief price pump was short-lived, as bitcoin soon reversed its trajectory and slumped below $19,000, marking a multi-week low.
The recent volatility in the crypto markets has been on full display over the past 24 hours, with Altcoins deep in the red after yesterday's gains. Ethereum, in particular, has erased all of its recent gains, leaving many investors wondering what the future holds for the crypto markets.
Bitcoin falls below $19,000
I believe that bitcoin will continue to be a volatile asset, with prices fluctuating widely. However, I think that the overall trend will be upward, with bitcoin slowly regaining the $20,000 level and beyond. I think that bitcoin will continue to be a popular investment, as it offers potential for high returns.
It's becoming increasingly clear that Bitcoin is struggling to break out of its current range. Every time the price reaches a new high, it seems to fall back down again. The latest such example came yesterday when BTC pumped to a daily high of $20,300. However, it failed there and quickly returned beneath it.
The cryptocurrency market has been extremely volatile in recent months, and the situation worsened in the past 18 hours when the cryptocurrency plunged by over $1,000. As a result, it dropped to a six-week low of just over $18,500 hours ago. This volatility is likely to continue in the short-term, as investors remain uncertain about the future of the market.
It's been a tough year for Bitcoin. Despite adding a few hundred dollars since then, the asset still struggles below $19,000. As such, its market capitalization has declined to $360 billion, while its dominance over the alternative coins stands at 38.2%. This is a far cry from Bitcoin's all-time high of nearly $20,000 in December 2017.
Altcoins Take a Beating
It was a good day for altcoins yesterday, as many of them saw healthy gains. This was especially true for those coins that have any connection to Ethereum, as the excitement around the upcoming Merge and Bellatrix upgrade helped push Ethereum's price to a new multi-day high. This positive momentum could continue in the days ahead, as more investors become aware of the potential benefits of these upgrades.
The cryptocurrency landscape has changed quite drastically in the past 24 hours, with ETH among the biggest losers. The asset is now struggling to remain above $1,500, after a 9% daily dump.
It's been a tough day for cryptocurrency investors, with Ethereum Classic leading the pack of losers. The digital currency is down more than 16% on a 24-hour scale, trading at just $34.
The recent sell-off in the cryptocurrency markets has seen some of the biggest names in the space taking heavy losses. Binance Coin, Ripple, Cardano, Solana, Polkadot, Dogecoin, Shiba Inu, and MATIC are all deep in the red now, with losses extending to up to 10% daily.
The cryptocurrency market is in a state of flux, with billions of dollars being lost in value in a single day. The lower- and mid-cap alts are particularly hard-hit, leading to a cumulative market cap of just $940 billion. This volatility is sure to continue in the short-term, but the long-term prospects for the cryptocurrency market remain strong.
The cryptocurrency markets have been on a rollercoaster ride over the past few weeks, and it doesn't seem like the volatility is going to end anytime soon. After reaching record highs at the beginning of the month, Bitcoin has now crashed to six-week lows, losing over $60 billion in market value.