Bears continue to dominate the crypto market, with red still coloring most cryptocurrency indicators.

Most altcoins have lost a significant portion of their value in the past 24 hours, with Ethereum dropping below $2,200 and BNB below $500.

Bitcoin’s rally above $50,000 was also short-lived, contrary to the desire of many bulls.

Red indicators dominate the crypto market

Regardless of several short recovery attempts, the altcoin market has struggled in the past few days.

Ethereum was going to hit new highs at $2,650 but has lost nearly $500 since then.

The second largest altcoin is struggling to break and rise above the $2200 level.

Read:The digital currency LINK hits its highest level in 3 months… Find out why it is rising!

The situation with the rest of the altcoins is somewhat similar.

Binance coin also failed to stay above $500, and the coin fell to $490.

Ripple is recording a red index of -8.5%, Litecoin -2.47%, Cardano -4.35%, Polkadot -6.5% all bled in the last 24 hours.

Dogecoin remains the exception.

It rose sharply yesterday by about 30% to reach the $0.27 level and is still there as of writing this article.

Knowing that there are many obvious losses from cryptocurrencies with low and medium capital.

In the end, the total market capitalization of all cryptocurrencies lost another huge chunk of $80 billion and the total value dropped to $1.8 trillion.

Bitcoin fails to breach $50K:

Bitcoin It is safe to say that it is not at its best.

Where the bitcoin was higher above 60 thousand dollars making continuous highs with slight corrections that did not fall below the 50 thousand dollar level.

But the last week, the data changed, and the bitcoin fell below $60 thousand and continued to decline until it broke the $50 thousand support as well, which turned into an important psychological resistance that many traders are waiting for.

Read:Tom Lee Backtracks From His Latest Predictions: Bitcoin Will Reach $15,000 By The End Of This Year

In the past few hours, the bitcoin currency managed to rise and reach up to 51 thousand dollars, but it was not able to continue, and the currency fell again below the 50 thousand dollars level and remained so until the time of preparing this article.

The fall of Bitcoin below the level of 50 thousand dollars made the total market value of Bitcoin also fall below 1 trillion dollars.

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