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Crypto Market Cap Lost $100B in a Day as Bitcoin Dropped to a Weekly Low

Summary:
The bears continued to push bitcoin south in the past 24 hours, and the asset dropped to a weekly low of just over ,000. Most altcoins are also in the red, with Litecoin losing the most value in a day. Bitcoin Saw a Weekly Low Just a few days ago, the primary cryptocurrency broke its previous ATH two times in a row, and the latest peak came at ,000. As the community was anticipating another run up to ,000, the entire landscape changed. Instead of going upwards, bitcoin headed straight south. In just a matter of hours, BTC lost more than ,000 of value to an intraday bottom of ,000. It bounced off initially and went above ,000, as reported yesterday. However, this price increase was also short-lived, and the bears drove it downwards once more. This time, the

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The bears continued to push bitcoin south in the past 24 hours, and the asset dropped to a weekly low of just over $62,000. Most altcoins are also in the red, with Litecoin losing the most value in a day.

Bitcoin Saw a Weekly Low

Just a few days ago, the primary cryptocurrency broke its previous ATH two times in a row, and the latest peak came at $69,000.

As the community was anticipating another run up to $70,000, the entire landscape changed. Instead of going upwards, bitcoin headed straight south. In just a matter of hours, BTC lost more than $6,000 of value to an intraday bottom of $63,000.

It bounced off initially and went above $65,000, as reported yesterday. However, this price increase was also short-lived, and the bears drove it downwards once more. This time, the cryptocurrency fell to $62,300 (on Bitstamp), which was the lowest price point since November 7th.

As of now, bitcoin has recovered more than $1,000, and its market capitalization has reclaimed $1.2 trillion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Retrace as LTC Dumps Hard

The alternative coins have also seen better days, which weren’t that long ago. Ethereum tapped its latest ATH a few days ago at nearly $4,900. Since then, though, ETH has lost roughly $300 and currently struggles to remain above $4,600.

Solana also reached a new peak recently at $260, but it’s down to $225 as of now. On a 24-hour scale, Ripple, Polkadot, and Dogecoin are also slightly in the red, while Shiba Inu has lost more than 3% of value and stands just over $0.00005.

Litecoin has lost the most from the larger-cap alts. LTC is down by nearly 10% in a day to $250.
In contrast, Binance Coin, Cardano, and Terra have seen minor gains. Avalanche is up by 3.5% and has neared $90 once more.

Some of the lower- and mid-cap alts have produced more significant gains. Those include Decentraland (21%), IoTeX (20%), The Sandbox (20%), Chilliz (15%), CRO (11%), and Helium (10%).

The cryptocurrency market has lost $100 billion in a day and has dropped to $2.9 trillion on CoinGecko.

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

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