Bitcoin price returns to monthly lows, market capitalization falls to $1.2 trillion
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Answer Bitcoin price returns to monthly lows, market capitalization falls to $1.2 trillion
It has almost become a habit and every weekend we see red indicators on the crypto market led by Bitcoin, as the price of Bitcoin dropped by several thousand dollars to below $31,000.
Altcoins are also in dark red, with Ethereum sinking below $1,800, all contributing to the total market cap of the crypto market dropping below $1.3 trillion.
Bitcoin price drops below $31,000:
Bitcoin was actually looking good yesterday after it recovered from its mid-week crash and traded above $35,000.
This was the highest price for Bitcoin in four days, but the bears did not allow any further increases.
On the contrary, they caused selling pressure, which led to a further drop in prices.
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Within hours, Bitcoin lost more than $3,000 in value and fell below $32,000.
Although it initially bounced back and regained some losses, the bears maintained the pressure, and Bitcoin shed the $31,000 level.
Bitcoin’s market dominance has remained high, but that’s because altcoins are suffering worse.
Bitcoin’s market cap has fallen below $600 billion.
The red color covers the altcoins:
As it usually happens when there is volatility with the leader of altcoins, altcoins have performed worse.
Ethereum is a prime example of this.
Its value dropped below $2000 for a few days, but a 10% drop pushed the second largest cryptocurrency well below $1800.
Binance coin, which was above $310 a few days ago, is also in dark red, on a 24-hour scale, BNB price is down 9% and is currently standing around $270.
The rest of the digital currencies with a larger cap also lost their price value.
In the end, the cumulative market capitalization of all cryptocurrencies lost over $160 billion in one day as the total value fell below $1.3 trillion.
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