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Bitcoin Plunges Below $35K as Crypto Market Cap Loses $100 Billion

Summary:
After riding high for a few days, the bitcoin bears have regained control and pushed down the asset by a few thousand dollars to around ,000. Most alternative coins have suffered even more severely, with ETH down to ,300 and BNB to 0. Bitcoin Falls to K Bitcoin performed rather well in the past few days following bullish news from El Salvador, India, and some large corporations wanting to get a piece of the cryptocurrency pie. BTC spiked to a six-day high at ,500 on Thursday but retraced slightly to around ,000, where it stood yesterday. However, the situation has changed quite vigorously since then. The primary crypto lost more than ,000 in hours and briefly dipped beneath ,000. Despite recovering a few hundred dollars and currently standing above

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After riding high for a few days, the bitcoin bears have regained control and pushed down the asset by a few thousand dollars to around $35,000. Most alternative coins have suffered even more severely, with ETH down to $2,300 and BNB to $330.

Bitcoin Falls to $35K

Bitcoin performed rather well in the past few days following bullish news from El Salvador, India, and some large corporations wanting to get a piece of the cryptocurrency pie.

BTC spiked to a six-day high at $38,500 on Thursday but retraced slightly to around $37,000, where it stood yesterday. However, the situation has changed quite vigorously since then.

The primary crypto lost more than $2,000 in hours and briefly dipped beneath $35,000. Despite recovering a few hundred dollars and currently standing above that line, BTC is still 4% down on a 24-hour scale.

Its market capitalization is well beneath $700 billion once more. But on the positive side, bitcoin’s market dominance is above 44%, as the altcoins have plummeted even harder.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Covered in Blood

While BTC has lost about 4% of value in a day, most of the altcoin market is even deeper in red. Just a few days ago, Ethereum jumped above $2,600, but it has retraced by around $300 since then to $2,300.

Binance Coin has lost $50 from its mid-week peak when the asset spiked above $380. The latest retracement, though, has driven BNB to around $330.

Cardano (-8.5%) struggles below $1.4. DOGE (-5%), XRP (-5%), BCH (-7%), LTC (-9%), and SOL (-9%) are also deep in red from the larger-cap altcoins.

Polkadot and Uniswap have declined by double-digit percentages. As a result, both are close to dumping below $20.

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

The situation with the lower- and mid-cap alternative coins is even worse. THORChain has dropped the most since yesterday, after a 20% decline to $6.5.

Bitcoin Gold (-16%), Kusama (-16%), Siacoin (-15%), SushiSwap (-15%), Amp (-15%), Fantom (-14%), ICP (-12%), Klaytn (-12%), Horizen (-12%), and SHIBA INU (-12%) are just a few more representatives of the double-digit losers club.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost $100 billion in a day and $160 billion in two days and is now below $1.5 trillion.

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