On February 23, Bitcoin (BTC) recorded a record loss. Sales pressure brought markets below $ 47,000 for the first time in more than a week.
In the last 24 hours, the crypto market has once again shown its highly volatile nature. The price of the flagship cryptocurrency has dropped by more than $ 12,000. Most altcoins have also joined the southern rally, and the cryptocurrency market capitalization has lost more than $ 260 billion overnight.
The crypto market is said to have “no boring days”. We have received confirmation of this in the last 24 hours. This time, however, in a negative sense. Bitcoin had just painted its latest all-time record above $ 58,400, but things changed in just a few hours.
BTC headed south briskly and lost over 12,000 in value. Shortly after this massive drop, the bulls took the lead and pushed cryptocurrencies back to $ 55,000. Bitcoin, however, was unable to sustain a rebound and fell below $ 50,000 again, hitting the bottom of $ 45,000. At the time of writing, the major cryptocurrency has recovered some value and is trading at around $ 49,000.
Ultimately, BTC’s market capitalization decreased by over $ 100 billion in one day.
Altcoins on the edge
As is usually the case in a sharp correction, most of the alternative coins perform even worse than their leader. Ethereum has dropped to below $ 1,400. As a reminder, the second largest cryptocurrency over the weekend set a new ATH above $ 2,040.
Binance Coin, which also recently jumped to new highs around $ 350, fell below $ 200. Cryptocurrencies from the top ten that also recorded significant losses include, among others Polkadot (-8%), Cardano (-5%), Ripple (-12%), Litecoin (-15%), Chainlink (-17%).
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