Crypto market loses $100 billion after Bitcoin price drops to $44,000
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Answer Crypto market loses $100 billion after Bitcoin price drops to $44,000
Bitcoin has experienced a significant pullback in the past 24 hours, dropping to just over $44,000.
As a result, most altcoins turned red today, with the decline in the prices of Ethereum, Binance, Solana, and Polkadot…
The only Dogecoin that makes the exception is one of the few coins in the green.
Bitcoin price drops to $44K:
The start of April was not very positive for the big cryptocurrencies as Bitcoin fell from above $47,500 to a multi-day low of $44,250 (on Bitstamp).
After the bulls advanced at that point, they pushed the bitcoin upwards.
Since then, the largest cryptocurrency has managed to recover some losses and is now near the $45,000 level.
Read:Bitcoin price rises as stock market crashes – is the correlation broken?
As a result of all this, the total market capitalization of Bitcoin has been damaged and has moved away from the $900 billion it was close to.
Altcoins are colored red:
Altcoins have looked unusually stable in the past few days, but most are now turning red, similar to Bitcoin.
Ethereum charted a three-month high above $3,500 a few days ago and has been near that level ever since.
Now, a daily drop of 5% has pushed the second largest cryptocurrency to just over $3,300.
Binance coin has lost about 5% of its value in the past 24 hours and is currently settling at $436.
Solana’s price fell by 10% to $121.
Also, Polkadot, Cardano, Shiba Inu, and CRO decreased in almost similar proportions.
As mentioned above, Dogecoin is among the very few exceptions.
DOGE price is up another 1.5% and is currently trading at $0.15.
This comes a few days after it was learned that Dogecoin fan Elon Musk had bought a 9.2% stake in Twitter.
The total market capitalization of the cryptocurrency market has evaporated to $100 billion from yesterday’s peak and is now below $2.07 trillion.
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