Crypto Markets Shed $60B in 2 Days as Bitcoin Slumps Below $16K (Market Watch)

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Bit­coin took anoth­er turn for the worse and dumped below $16,000 to mark a fresh two-year low.

Most alter­na­tive coins fell hard as well yes­ter­day, with ETH slid­ing beneath $1,100. Chain­link and Lite­coin are among the few excep­tions in the green.

Bitcoin Dumps Again

The end of last week was quite unevent­ful for the pri­ma­ry cryp­tocur­ren­cy, which tried to over­come $17,000 on a few occa­sions but to no avail. The week­end came with a lack of any volatil­i­ty as the asset stood at $16,600 for two days straight.

How­ev­er, the land­scape start­ed to change on Mon­day when BTC slid to $16,000. As the day pro­gressed, though, bit­coin dipped even fur­ther to just over $15,500. This became its low­est price tag in approx­i­mate­ly two years.

Aside from leav­ing mil­lions of dol­lars worth of liq­ui­da­tions, bitcoin’s lat­est price dive drove a lot of whales in a state of unre­al­ized loss­es, accord­ing to Glassnode.

As of now, bitcoin’s mar­ket cap­i­tal­iza­tion is down to $300 bil­lion, with BTC sit­ting just a few hun­dred dol­lars above its mul­ti-year low. Its dom­i­nance over the alt­coins has remained at just shy of 39%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Below $1.1K, Market Cap Suffers

The sec­ond-largest cryp­tocur­ren­cy also lost a sub­stan­tial chunk of its val­ue in the past 48 hours. It trad­ed above $1,200 on Sun­day but dropped below that lev­el yes­ter­day and kept plung­ing to mark a mul­ti-week low of its own beneath $1,100.

Binance Coin, Car­dano, Doge­coin, Poly­gon, Polka­dot, Shi­ba Inu, and Tron are also with minor dai­ly declines. Rippe is among the few excep­tions from the top 10 cryp­to assets.

Lite­coin and Chain­link have also chart­ed some gains in the past 24 hours. Both assets are up by about 3% and trade at $62 and $5.9, respectively.

How­ev­er, most low­er- and mid-cap alts suf­fer as well. Con­se­quent­ly, the cryp­to mar­ket cap has declined to $780 bil­lion, mean­ing that the met­ric has seen $60 bil­lion gone in the past two days alone. More­over, the mar­ket cap is down by almost $300 bil­lion since the FTX col­lapse began two weeks ago.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto
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Cryp­tocur­ren­cy charts by TradingView. 

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