Thursday , January 20 2022
Home / Altcoins / Crypto Correction Deepens: Market Cap Below $2.5 Trillion, Ethereum Amid $4K Again (Market Watch)

Crypto Correction Deepens: Market Cap Below $2.5 Trillion, Ethereum Amid $4K Again (Market Watch)

Summary:
The landscape in the cryptocurrency market continues to look dim, with bitcoin falling to overcome ,000. The altcoins also struggle as Ethereum is close to breaking below ,000, while Polkadot dumped by another 6% in a day. Bitcoin Suffers Below K It’s safe to say that bitcoin has seen better days, which weren’t all that long ago. The cryptocurrency challenged the coveted ,000 mark on Friday before a sudden price dump, perhaps prompted by fears of a new COVID-19 variant, drove it south hard. In just a matter of minutes, the asset lost more than ,000 of value and bottomed at ,500, causing nearly 0 million of liquidations in an hour. This became the most severe price crash since September. Since then, BTC has attempted to recover some ground and even

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

This could be interesting, too:

Dimitar Dzhondzhorov writes ESMA Top Executive: The EU Should Ban Proof-of-Work Mining

Dimitar Dzhondzhorov writes Morocco’s Biggest Bank to Dive in Crypto by Joining RippleNet (Report)

Dimitar Dzhondzhorov writes Crypto Could Contribute to BNY Mellon’s Revenue in 2023, Says CEO

George Georgiev writes Google Considers Allowing Users to Store Crypto in Digital Cards (Report)

The landscape in the cryptocurrency market continues to look dim, with bitcoin falling to overcome $55,000. The altcoins also struggle as Ethereum is close to breaking below $4,000, while Polkadot dumped by another 6% in a day.

Bitcoin Suffers Below $55K

It’s safe to say that bitcoin has seen better days, which weren’t all that long ago. The cryptocurrency challenged the coveted $60,000 mark on Friday before a sudden price dump, perhaps prompted by fears of a new COVID-19 variant, drove it south hard.

In just a matter of minutes, the asset lost more than $6,000 of value and bottomed at $53,500, causing nearly $400 million of liquidations in an hour.

This became the most severe price crash since September. Since then, BTC has attempted to recover some ground and even exceeded $55,000 on a few occasions but was stopped in its tracks.

As of now, bitcoin trades just over $54,000, and its market capitalization is close to dropping below $1 trillion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Red Again

Similarly to bitcoin, most alternative coins have suffered severely in the past few days. Ethereum, for example, traded above $4,500 before the correction drove it south to under $4,000.

After an unsuccessful attempt to challenge $4,200, the second-largest crypto is now slightly over $4,000.

The rest of the larger-cap alts are in a similar condition. Binance Coin (-3%), Solana (-4.5%), Cardano (-4%), Ripple (-4%), Dogecoin (-3.5%), Avalanche (-4%), and CRO (-4.5%) are all in red.

Polkadot has lost the most value in a day. Another 6% dump has driven DOT to $33.

The cryptocurrency market capitalization is just over $2.5 trillion on CoinGecko. This means that it’s down by more than $500 billion in a few weeks since it exceeded $3 trillion for the first time.

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

Leave a Reply

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