Crypto Market Cap Lost $260B in a Day as Bitcoin Slides to $50K (Market Watch)

The highly volatile nature of the crypto market was displayed again in the past 24 hours, with bitcoin leading the race with a massive drop of $11,000. Most alternative coins have also joined the ride south, and the crypto market cap has lost more than $260 billion in a day.

Bitcoin Slumps to $50K (Again)

The “no boring days in crypto” narrative received more confirmation in the past 24 hours, but this time in a negative light. Bitcoin had just painted its latest all-time high above $58,400, and as it seemed quite bullish for the asset, the situation changed in a matter of hours.

BTC headed south vigorously and lost over $11,000 of value to an intraday low of $47,500. Shortly after this massive drop, the bulls took charge and drove the cryptocurrency back to $55,000.

However, bitcoin couldn’t sustain its recovery and dipped below $50,000 once more. At the time of this writing, the primary crypto has regained some traction and currently sits just above the coveted $50,000 mark.

Ultimately, BTC’s market capitalization has lost more than $100 billion in a day and has dropped well beneath the $1 trillion level.

 TradingViewBTCUSD. Source: TradingView

Altcoins in a Sea of Red

As it typically happens during a sharp correction, most alternative coins have it even worse than their leader. Ethereum has decreased by over 15% on a 24-hour scale to $1,600. Just for reference, the second-largest crypto painted a new ATH during the weekend at above $2,040. As such, ETH is down by more than $400 in a few days.

Binance Coin, which also surged to new record levels around $350 lately, has plummeted to $235. Polkadot (-8%), Cardano (-5%), Ripple (-12%), Litecoin (-15%), Chainlink (-17%) are also well in the red from the top ten.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from Dodo (-25%), Elrond (-24%), Siacoin (-23%), IOST (-23%), 1inch (-23%), Ontology (-22%), Aave (-20%), Curve Dao Token (-20%), Waves (-20%), BitTorrent (-20%) and more.

Consequently, the cumulative market capitalization of all cryptocurrency assets has plummeted by more than $260 billion to $1.5 trillion.

 CoinMarketCapCrypto Market Cap. Source: CoinMarketCap

Publication date: 
02/23/2021 - 09:59
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