Bitcoin price was not able to maintain itself above $50k and has lost another substantial chunk of the cap after dipping to $45,500 USD. The altcoin field is also deep within the red zone, and the cryptocurrency market capitalization has decreased by over $160 Bln for the day.
After the past several days during which BTC plummeted from $58,300 USD to $45,000 USD, yesterday seemed somewhat bull run for the cryptocurrency. Bitcoin reclaimed $50k and continued upwards to a high of about $52k.
This hike came amid reports that institutional investors have reaffirmed their belief within the primary crypto asset by withdrawing $650 Mln in BTC from Coinbase.
However, the gains were short-lived as the bears interfered and drove the asset south again. Within the following hours, bitcoin started nosediving and reached an intraday low of $44,500 USD. In other words, the cryptocurrency lost nearly $7k work in less than 24 hours.
Additionally, BTC’s market capitalization also fell to about $860 Bln. Earlier this week, the metric was well above the $1 trillion benchmarks.
The situation within the altcoin field seems even worse with substantial price losses. The second leading cryptocurrency asset by market cap, Ethereum, leads this adverse ranking with a 10x decline to $1,460 USD. It’s worth noting that Ethereum [ETH] is down by $600 USD since its ATH registered last Saturday.
Binance Coin, which also painted a new record at $350 USD recently, is down by 13% on a 24-hour scale to $215 USD. Polkadot [-15%], Ripple [-11%], Litecoin [-10%], are all within the red zone.
Cardano seems to possess the smallest amount of negative reaction to the present crash as ADA is 4% down and still trades around $1 USD.
Ultimately, the cumulative market capitalization has lost nearly $170 Bln since yesterday’s peak and is beneath $1.4 trillion. Also, the market cap is down by $360 Bln within the past five days.