The cryptocurrency market is not finished dumping in value as Bitcoin is fighting to stay above $10,000, while Ethereum is already well below $400. The rest of the alts are bleeding out as well, as the total market cap shed $60 billion in two days.
Bitcoin Dipped Below $10,000
It was merely 48 hours ago when Bitcoin was headed towards $12,000 and even briefly surpassed it. While it all looked like it’s going in BTC’s way, the situation sharply reversed and took the primary cryptocurrency on a violent trip down to $11,500, $11,000, $10,500, and a few hours ago – a dip below $10,000 (on Binance).
So far, Bitcoin managed to bounce off and is currently trading at about $10,250. Still, the cryptocurrency lost $1,800 of its value, charting a drop of about 15%.
It’s interesting to see whether Bitcoin will fill the CME gap at $9,600.
BTCUSD 5m. Source: TradingView
As CryptoPotato reported, over $130 million in Bitcoin longs were liquidated on the popular BTC margin trading platform BitMEX alone.
This time, however, Bitcoin has decoupled with gold, as the precious metal has remained rather calm at about $1,935 per ounce.
On the contrary, BTC’s behavior is in line with that of the stock market.
The S&P 500 closed with a loss of 3.5%, the Dow Jones (-2.8%), while Nasdaq’s – 5%. According to the Guardian, these adverse results on Wall Street came as investors were dumping their tech company shares, while fears regarding the rising number of unemployed in the US continue to increase.
Altcoins Dump Even Harder
Altcoins are bleeding out even more than BTC, and it seems that the DeFi sector is leading this negative trend. Ampleforth is down by 36%, SushiSwap (-35%), DFI.Money (-32%), bZx Protocol (-31%), Balancer (-30%), THORChain (-27%), UMA (-26%), Waves, (-25%), Ren (-25%), and Band Protocol (-25%) are just a part of the massive losses charted in the past 24 hours.
From the larger-cap alts, Ethereum has fallen to $385 after another 11% dump, Ripple marks an 8.9% loss to $0.25, Polkadot (-4%) to $5.8, and Chainlink continues its recent free fall with a 17% drop to below $12.
Bitcoin Cash (-15%), Litecoin (-16%), Crypto.com Coin (-11%), and Binance Coin (-18%) also lose double-digit percentages. Contrary, Tron is one of the few gainers in the past two days with a 10% pump. TRX’s increase was even more impressive a few hours ago and it even reached the top 10.
Overall, the market cap is down about 15% in two days, losing almost $60 billion in the process.
Total Market Cap. Source: CoinMarketCap