Cryptocurrency market capitalization fell by around $ 18 billion since yesterday. Bitcoin lost almost $ 700 in value and hit the bottom of $ 10,280. Altcoins hit even more than BTC. Some of the alternative cryptocurrencies have even seen two-digit declines.
Big Bitcoin (BTC) drops
Just a few days ago, Bitcoin attempted to overcome the $ 11,000 psychological barrier twice. Unfortunately, no attempt was successful and its price remained below the support level.
Yesterday, however, the situation deteriorated sharply. BTC started to fall from around $ 10,990 to its daily low of $ 10,296 (on the Binance exchange). Since then, BTC has rebounded slightly and is currently costing around $ 10,400. This is a 5% decrease in the last 24 hours.
The negative situation of BTC correlates with other financial markets. The price of gold dropped from $ 1,960 an ounce to around $ 1,880 in just a few hours. The precious metal has since recovered some of its value as well, and its price is now over $ 1,900 an ounce.
The three most significant stock indices on Wall Street also started yesterday’s trading session with significant declines and then closed in red. The moves followed the decline in European stocks, which in turn was driven by the possibility of stricter restrictions due to the increase in confirmed COVID-19 cases.
Altcoins are bleeding
As is usually the case, following the sharp drop in BTC prices, most alternative cryptocurrencies have followed suit. Ethereum has lost 10% of its value since yesterday and is currently trading at $ 336. Ripple (-6%) is struggling to stay above $ 0.23.
The Polkadot (-15%) and Binance Coin (-12%) projects lost the most of the top ten. Bitcoin Cash (-7%), Chainlink (-9%), Crypto.com Coin (-5.5%), and Litecoin (-9%) also recorded heavy losses.
Looking at the chart from coin360, red dominates the entire market. The biggest drop, as much as 30%, was recorded by Uniswap. The native UNI platform token costs only $ 3.8. Just a few days ago, this governance token was still $ 7.
Other altcoins that saw double-digit declines are: NEO (-21%), Aragon (-20%), HedgeTrade (-18%), SushiSwap (-22%), Arweave (-18%), Kusama (-18%) , Ren (-15%) and Balancer (-16.5%).
Total market capitalization has dropped from yesterday’s high of $ 349bn to around $ 328.5bn at the time of writing this article.