FOLLOWING A 6-DAY SLUMP IN BITCOIN AND A RED OCEAN OF ALT COINS HAPPENING, THE CRYPTO MARKET IS FALLING AROUND $50 BILLION DAILY!
As bitcoin and the majority of altcoins have turned negative, the market cap of all cryptocurrencies is falling by around $50 billion daily.
BTC dived south and fell to a 6-day low after the generally quiet weekend when it mostly traded around $23,000. The altcoins are also significantly down today, with ETH, SOL, and MATIC all down by over 5%.
Earlier this week, last Wednesday, bitcoin soared beyond $24,000 to reach its highest price in almost a month. But things changed as the bulls also became more enthusiastic about the possibility of bringing down the $25,000 line.
It was revealed that Tesla had sold off most of its BTC holdings in Q2, and the cryptocurrency plummeted by more than $2,000 in a single day. However, the asset initially gained some ground and finished the weekend at $23,000, where it spent the majority of the next two days.
Hours later, the bears took back control of the market and drove BTC sharply lower. The outcome was a loss of almost $1,000 in the cryptocurrency, which crashed to a 6-day low of under $22,000.
Bitcoin is still having trouble there, and its market capitalization has dropped to $420 billion.
The alternative coins had a great week, stopped over the last two days, and are presently significantly negative.
One of the most impressive performers was Ethereum. In just a few days, it increased from $1,000 to over $1,600 and was still there yesterday. However, a daily loss of 5% has brought the second-largest cryptocurrency to just north of $1,500.
In one day, Solana and Polygon both lost almost the exact amounts. As a result, MATIC is at $0.8, while SOL is trading below $40.
Shiba Inu, Ripple, Cardano, Dogecoin, Polkadot, and BNB are losing money. Avalanche has lost about 9% of its value and is on the verge of dropping below $20.
Similar circumstances apply to lower- and mid-cap alternatives. Therefore, it is understandable why $50 billion of the whole cryptocurrency market cap has vanished in a single day. The value is currently just over $1 trillion.