Markets
Cryptocurrency Markets Lose $100 Billion in a Day as Bitcoin (BTC) Drops $4K (Market Watch)
Yesterday, the price of Bitcoin finally touched the coveted $70,000 level, but suffered a sharp decline that pushed it down by over four thousand dollars.
Altcoins also turned red on a daily scale, causing a $100 billion drop in the total cryptocurrency market capitalization.
BTC Rejected at $70K
Last Thursday, bears appeared to be in complete control of the market, causing the price of bitcoin to plummet from above $67,000 to an intraday high below $63,500.
However, the bulls then came out of the woods and did not allow any further declines. In fact, BTC reversed its trajectory and began to gain ground, which culminated in a price surge to over $69,000 on Saturday, as the community prepared for the Bitcoin Conference in Nashville and Donald Trump’s speech.
Once upon a time he he went up on stageVolatility ensued and BTC dropped $3,000, bounced back to its initial position and returned to $67,200. Bulls accelerated again on Monday and pushed The cryptocurrency reached its highest price in nearly seven weeks, at $70,000.
It was here that the momentum stopped, perhaps driven from the US government’s actions, and bitcoin has fallen by over four thousand dollars. Despite recovering about $1,000 from its low, BTC is still down 4% on the day. Its market cap has fallen to $1.320 trillion and its dominance over alts has been reduced to 52.5%.
Bitcoin/Price/Chart 07/30/2024. Source: TradingView
The alts turn red
As is usually the case when BTC goes one way or another, so are most alts. Biggest losers among the larger caps include SO (-4.5%), AVAX (-5%), ADA (-4%), DOGE (-3.6%), and others.
ETH XRP, TON, TRX, SHIB and LINK are also in the red, but less painfully. JUP, TAO, WIF, BONK, AR and ICP have lost more than 5% in the last day.
The total cryptocurrency market capitalization hit $2.6 trillion yesterday, before falling by more than $100 billion today, hitting a local low.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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