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

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.

 TradingViewBTCUSD. 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.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Publication date: 
11/13/2021 - 09:50
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