Monday , October 18 2021
Home / Altcoins / Bitcoin Drops Below $45K, Crypto Market Cap Slumps $120B (Weekend Watch)

Bitcoin Drops Below $45K, Crypto Market Cap Slumps $120B (Weekend Watch)

Summary:
After a few days of consolidation around ,000, bitcoin has headed south and dropped beneath ,000. Most altcoins have retraced in a similar fashion, with a few exceptions. LUNA is among those as it pumped by double-digits to tap a new ATH above . Bitcoin Slides Below K The primary cryptocurrency had a rough week. As it was preparing to become a legal tender in El Salvador, its price went to a multi-month high at just over ,000. However, shortly after it became official, BTC plummeted in value. In just a matter of hours, it lost over ,000 and bottomed at ,000. It bounced off somewhat rapidly to ,000 and even challenged ,000 a day later, but it ultimately failed to continue higher. Just the opposite, the bears pushed it south once more in the past

Topics:
Jordan Lyanchev considers the following as important: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

This could be interesting, too:

Dimitar Dzhondzhorov writes US Mortgage Lender UWM Will No Longer Accept Bitcoin Payments

Jordan Lyanchev writes Bakkt Goes Public: to Be Listed on New York Stock Exchange

Daniel Joe writes After Breaking k, Is Bitcoin Set for Correction Before New ATH? BTC Price Analysis

Dimitar Dzhondzhorov writes Bitcoin Mining to Provide Heat in Vancouver, Canada

After a few days of consolidation around $46,000, bitcoin has headed south and dropped beneath $45,000. Most altcoins have retraced in a similar fashion, with a few exceptions. LUNA is among those as it pumped by double-digits to tap a new ATH above $40.

Bitcoin Slides Below $45K

The primary cryptocurrency had a rough week. As it was preparing to become a legal tender in El Salvador, its price went to a multi-month high at just over $53,000. However, shortly after it became official, BTC plummeted in value.

In just a matter of hours, it lost over $10,000 and bottomed at $43,000. It bounced off somewhat rapidly to $46,000 and even challenged $47,000 a day later, but it ultimately failed to continue higher.

Just the opposite, the bears pushed it south once more in the past 24 hours, and it dipped to just over $44,000. As of now, it has recovered several thousand dollars but still struggles below $45,000.

Bitcoin’s market capitalization is down beneath $850 billion, and its dominance over the altcoins has remained still at 41.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Drop Again; LUNA Goes For an ATH

Most alternative coins have mimicked their leader’s performance lately. After the mid-week market crash, Ethereum dropped to around $3,000. It bounced off and went above $3,500, but another price dip has driven it to approximately $3,250.

Cardano (-4%) has declined beneath $2.4. Binance Coin, which went above $500 just days ago, now struggles to remain above $400. Solana – one of the best performers lately – has lost 5% in a day and now stands at $175.

Ripple (-4%), Dogecoin (-5%), Polkadot (-7.5%), Chainlink (-6.5%), and Bitcoin Cash (-5%) are also well in the red.

In contrast, Terra has surged by more than 25% in a day. As a result, LUNA charted a fresh all-time high just a few hours ago at above $40.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Quant (27%), Elrond (22%), Avalanche (17%), and Raydium (10%) have also marked impressive gains in a day to contrast with the rest of the market. Nevertheless, most lower- and mid-cap alts are in red.

Double-digit losses are evident from Celo, IOTA, Revain, eCash, Arweave, Perpetual Protocol, and more. As such, the cumulative market cap of all cryptocurrency assets has lost more than $120 billion in a day and is just over $2 trillion now.

Leave a Reply

Your email address will not be published. Required fields are marked *