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Bitcoin Slides Below $35,000 as Market Cap Loses $140B in a Day (Market Watch)

Summary:
Although the weekend started on a positive note for bitcoin, it continued with price slumps, and the asset plunged by about ,000 in hours. The altcoins are also deep in red, with ETH dumping below ,700 and BNB beneath 0 – the market cap lost another sizeable chunk of value in a day. Bitcoin Struggles at K The workweek was actually going well for the primary cryptocurrency as it was gaining traction and even jumped to a six-day high of ,500. However, the inability to break above ,000 and Elon Musk’s latest controversial engagement drove the asset south to around ,500. As reported yesterday, though, bitcoin started its recovery session and headed towards ,000. Nevertheless, it failed to sustain its movement and started losing value in the past 24 hours

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Although the weekend started on a positive note for bitcoin, it continued with price slumps, and the asset plunged by about $3,000 in hours. The altcoins are also deep in red, with ETH dumping below $2,700 and BNB beneath $400 – the market cap lost another sizeable chunk of value in a day.

Bitcoin Struggles at $36K

The workweek was actually going well for the primary cryptocurrency as it was gaining traction and even jumped to a six-day high of $39,500. However, the inability to break above $40,000 and Elon Musk’s latest controversial engagement drove the asset south to around $35,500.

As reported yesterday, though, bitcoin started its recovery session and headed towards $38,000. Nevertheless, it failed to sustain its movement and started losing value in the past 24 hours again.

More specifically, BTC dumped by about $3,000 to an intraday low beneath $35,000. Despite bouncing off to $36,000, bitcoin is still more than 4% down on a 24-hour scale.

Moreover, the cryptocurrency’s market capitalization is again below $700 billion, while the dominance is just over 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Bleed Out Heavily

As it typically happens when there’s a retracement for bitcoin – the alternative coins have it even worse. Ethereum was riding high yesterday above $2,800, but the market correction has driven it below $2,700.

Binance Coin’s performance was also quite impressive. BNB had jumped to an intraday high above $420. Nevertheless, the asset is also deep in red on a 24-hour scale and struggles below $400.

Cardano (-5%) is down to $1.7, DOGE (-5%) trades at $0.37, XRP (-5.5%) is well beneath $1, while DOT has lost the most from the top ten with a 8.5% dump to $24.

UNI, ICP, BCH, and LINK are also well in red from the larger cap altcoins.

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

The situation with the lower- and mid-cap altcoins is somewhat similar. THORChain (-11%), Fantom (-11%), PancakeSwap (-10%), Kusama (-10%), Terra (-10%), and BakeryToken (-10%) are among the double-digit losers.

Ultimately, the cumulative market capitalization of all cryptocurrency assets had lost $140 billion in a day at one point. It has recovered slightly to above $1.6 trillion, but it’s still $100 billion down since yesterday.

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