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
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.