Bitcoin Plunges to 10-Day Low at $60K: All Top 50 Coins In Red (Market Watch)

The bears returned in the cryptocurrency space as bitcoin dumped by more than $6,000 in hours. The altcoins are also deep in red, with ETH, DOT, LUNA, and LTC dropping by double-digit percentages in a day.

Bitcoin Drops to a 10-Day Low

It was less than a week ago when the primary cryptocurrency was riding high and touched $69,000 for its latest ATH record. As the community wondered if it had the strength to continue upwards and tap $70,000, the landscape changed.

BTC plunged to $63,000 hours later, bounced off to $65,000, and headed south once again in the following few days. Yesterday, though, seemed significantly more promising as bitcoin surged above $66,000.

This recovery session was also short-lived, however. In the following several hours, the asset started to lose value rapidly and dumped to just over $60,000 (on Bitstamp), which became the lowest price tag since November 6th.

Bitcoin’s market capitalization has dropped to $1.150 trillion – meaning a $100 billion decline in just a day.

 TradingViewBTCUSD. Source: TradingView

Alts See Nothing but Red

As it typically happens when BTC drops hard, so have done the alternative coins. Ethereum is among the leaders in this adverse trend with a massive near 10% price dump. As a result, ETH currently trades below $4,300. The second-largest crypto also reached a new ATH last week at nearly $4,900.

Polkadot, Terra, Litecoin, Chainlink, and Bitcoin Cash have lost around 10% as well in the past 24 hours. Consequently, DOT is down to $42, Luna to $45, LTC is below $250, LINK is just over $30, and BCH sits below $620.

More losses come from Binance Coin, Solana, Cardano, Ripple, Dogecoin, and Avalanche. Interestingly, Shiba Inu has taken this correction rather well with “just” a 3.5% drop.

CRO (-16%) has lost the most in a day, followed by Kadena (-14%), Audius (-13%), NEAR Protocol (-13%), Chainlink (-12%), OMG Network (-12%), VeChain (-12%), Cosmos (-12%), The Graph (-12%), and many more.

As such, the cryptocurrency market capitalization is down by more than $200 billion in a day.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Publication date: 
11/16/2021 - 09:49

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