Bitcoin Plummets to December 2020 Lows, Altcoins See 30–50% Daily Collapses: Market Watch

Please fol­low and like us:
Pin Share

Anoth­er day came with more mas­sive price drops in the cryp­to mar­ket, with bit­coin dump­ing to lows not seen in rough­ly a year and a half. The alt­coins are in even worse shape, with count­less dou­ble-dig­it declines across almost all charts.

Bitcoin Charts Yet Another Yearly Low

A lot can change in the cryp­tocur­ren­cy mar­kets in a week. Sev­en days ago, bit­coin stood around $40,000 after spik­ing by $1,000 in a day. This was regard­ed as a pos­i­tive devel­op­ment, with the bulls expect­ing an upcom­ing price surge above that cov­et­ed level.

How­ev­er, very few peo­ple could have fore­seen what fol­lowed. Instead of jump­ing above that lev­el, BTC head­ed straight south and lost $4,000 in a day. That was not all, as anoth­er price slump drove it to $33,000 and then to $30,000 a few days later.

After bounc­ing off to $33,000 on May 10, the cryp­tocur­ren­cy dumped once more to below $30,000 for the first time since last July. After the US announced the lat­est infla­tion num­bers, bit­coin pumped briefly to $32,000 but was reject­ed once again.

This time, it plum­met­ed to $28,000 before dump­ing even more to $25,350 (on Bit­stamp) – the low­est price posi­tion since late Decem­ber 2020. Some­what expect­ed­ly, this result­ed in over $1 bil­lion worth of liq­ui­da­tions.

As of now, BTC stands above $27,000 but being 30% down on the week means that its mar­ket cap is well beneath $550 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins With Double-Digit Drops

Ethereum took the mar­ket crash rel­a­tive­ly well (com­pared to most oth­er assets), or at least until yes­ter­day. Now, the sec­ond-largest cryp­tocur­ren­cy has lost over 15% of val­ue on a dai­ly scale and sits below $2,000. Hours ago, ETH went down to around $1,800.

Binance Coin (-17%) strug­gles at mul­ti-month lows of $250. Even more loss­es are evi­dent from Rip­ple (-25%), Car­dano (-25%), Solana (-30%), Doge­coin (-25%), Polka­dot (-25%), Avalanche (-27%), Shi­ba Inu (-30%), and many others.

Ter­ra con­tin­ues to be the most sig­nif­i­cant los­er with anoth­er 99% dai­ly decline. As of now, LUNA suf­fers at $0.15. The asset trad­ed above $90 a week ago.

The cumu­la­tive mar­ket cap­i­tal­iza­tion of all cryp­tocur­ren­cy assets has plum­met­ed below $1.2 tril­lion. This means that the met­ric has lost more than $600 bil­lion in a week.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto
SPECIAL OFFER (Spon­sored)

Binance Free $100 (Exclu­sive): Use this link to reg­is­ter and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Spe­cial Offer: Use this link to reg­is­ter & enter POTATO50 code to receive up to $7,000 on your deposits.

Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *