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The cryptocurrency market experienced a massive nosedive today. $80 billion from the total capitalization were evaporated as Bitcoin plummeted below $17,000, while the altcoins had it even worse with notable double-digit price drops.
The Red Sea Among The Altcoins
The alternative coins enjoyed the past few weeks with some remarkable increases. This led to yearly records for many altcoins, including Ethereum reaching $620 and Ripple at nearly $0.90.
However, the situation changed suddenly in the past 24 hours. The phrase âwhat goes up must come downâ materialized with full force as the cumulative market capitalization of all cryptocurrency assets tanked from $580 billion to below $500 billion in less than a day.
Crypto Market Cap. Source: CoinMarketCap
Most altcoins have suffered double-digit drops. Ethereum, Binance Coin, Polkadot, and Litecoin have lost about 16% of value. As a result, ETH is down to $505, BNB struggles at $28, DOT is at $4.8, while LTC sits beneath $75.
Cardano, Bitcoin Cash, and Chainlink have dropped by 20% on a 24-hour scale. Rippleâs drop is even more damaging, as XRP has tanked by 25% to $0.52.
Cryptocurrency Market Overview. Source: Quantify Crypto
Further losses are evident from lower and mid-cap altcoins. Verge, which was also on a roll lately, has dived by 35% since yesterday.
Golem (-25%), Ziliqa (-25%), Reserve Rights (-24%), DigiByte (-24%), Nano (-23%), Loopring (-22%), Algorand (-22%), ICON (-22%), Status (-22%), and SushiSwap (-22%) are just a few more representatives of the double-digit losers.
Bitcoins Slumps But Its Dominance Increases
The primary cryptocurrency was not exempt from the adverse price developments in the market. Bitcoin was booming lately, resulting in peaking at $19,500. While the community was speculating on how long it will take for BTC to break its all-time high, the asset decided to prove the bulls wrong.
In just a matter of hours, BTC lost $3,000 of value and bottomed at $16,500. Although it managed to reclaim the $17,000 mark, BTC is still down by 10% on a 24-hour scale.
While thereâre numerous possible reasons why Bitcoin may have plummeted so vigorously, thereâs some good news for the asset. BTCâs dominance over the market has increased to 62.5% after dipping to 60% a few days ago. This became possible as the altcoins have tanked even more than Bitcoin.
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.