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As the price of Bitcoin falls below $50,000, the market value of cryptocurrencies loses $300 billion a day. ETH, BNB and most of the alternatives are showing significant double-digit losses.
Bitcoin’s misery has only worsened in the past 24 hours. A large chunk of 10% has been cut to well below $50,000. When the price of tokens fell sharply, the situation for alternative tokens deteriorated even further, losing around $300 billion in market cap every day.
BTCUSD Chart. Source: TradingView
Less than ten days ago, everything seemed to be heading towards BTC as the main cryptocurrency was just breaking the latest ATH record ($65,000). However, the rapidly changing crypto market has turned the tide and assets have been gradually losing momentum.
This resulted in a violent market crash on Sunday, with Bitcoin falling $9,000 in an hour. After several days of hard work to make up for some losses, this situation has been resolved within the last 24 hours.
There are reports that US President Biden is considering imposing a hefty new capital gains tax. Whether this is the main reason is unclear, but the crypto market has caused another sharp drop in prices.
BTC fell from a daily high of over $55,000 to an intraday low of $48,500 (at Bitstamp). This is Bitcoin’s lowest price since early March. In addition, the market value of the cryptocurrency has plummeted and is well below the coveted $1 trillion per day.
On the positive side, BTC’s market dominance has risen to 51.6% as most of the altcoins have suffered major losses.
As mentioned above, altcoins did not increase volatility. Ethereum hit a record high of more than $2,600 less than 24 hours ago, fell more than $400, and fell below $2,200.
Binance Coin (-16%) fell to $480. A few days ago, the BNB’s trading price was over $600 for reference only. Ripple (-24%), Cardano (-17%), Polkadot (-18%), Uniswap (-16%), Litecoin (-18%), Chainlink (-16%) and Bitcoin Cash (-20%) purple.
Cryptocurrency Market Overview. Source: Coin360
Even Dogecoin, which performed well on Sunday’s market crash, fell more than 30% to $0.20.
Further losses come from DigiByte (-31%), IOST (-30%), Holo (-30%), Siacoin (-29%), Verge (-28%), BitTorrent (-27%) and Ontology (-25 ))%), Ravencoin (-25%), Theta Fuel (-25%), Chiliz (-25%) etc.
In the end, its cumulative market value fell by around $300 billion to less than $1.8 trillion in one day. The weekly market cap lost $500 billion.