Altcoins
The cryptocurrency market hit by the general drop in prices loses 80 billion dollars in just a few hours
Friday evening was a nightmare for cryptocurrency traders as the entire cryptocurrency market was in the red, indicating a price drop by all major crypto assets in the market. This driven to a loss of $80 billion from the cumulative market capitalization of all cryptocurrencies, repeating a trend that also occurred the previous Friday.
The massive price drop hit Bitcoin and altcoins, sparing no crypto assets in the market and causing huge losses to short-term holders.
Bitcoin was at the $69,000 price level last Friday before falling over $2,000 to $67,000. There wasn’t much activity over the weekend in terms of price movement, so Bitcoin held its level at $67,000.
Bitcoin gained from its recent position on Monday, briefly surpassing $70,000 and crossing the $70,000 mark on Tuesday. Bitcoin remained above $70,000 all week and even hit a 2-week high of $72,000 on Friday.
But as Friday evening approached, the Friday bearish cycle repeated itself and Bitcoin witnessed a massive drop in price taking it down to $68,500. The crypto asset has recovered some ground and is currently at $69,000, but the price drop is still a massive 2.7%.
The news continues after this announcement
The news continues after this announcement
Altcoins, which are other crypto assets other than Bitcoin, experienced a worse state during Friday’s crash in the cryptocurrency market.
Ethereum, the largest altcoin, fell 3.5% below $3,700, Binance Coin fell from its all-time high of $710 to below $690, and Solana fell more than 6%.
Other smaller altcoins have seen price drops, including Dogecoin, Avalanche Chainlink. Polka dots, NEAR, UNI and MATIC. All saw price drops of more than 5% Friday evening during the crash.
Some altcoins such as WIF, ARB, and FET have seen huge price drops reaching double digits. Only the FIL altcoin recorded a gain during the collapse.
Friday’s cryptocurrency market meltdown, which led to cryptocurrency prices falling, is quickly becoming a noteworthy trend.
What to know
- Bitcoin’s market capitalization fell from over $1.4 trillion to $1.366 trillion. The leading crypto asset still remains dominant over altcoins as altcoins saw worse declines during the crash.
- Yesterday the total market capitalization of all cryptocurrencies lost around $80 billion in a matter of hours and fell below $2.7 trillion.
- Market capitalization or market capitalization is the total value of a cryptocurrency, calculated by multiplying the cryptocurrency’s current price by its circulating supply. Circulating supply is the number of coins currently available or held in users’ wallets.