Connect with us

Blockchain

Crypto Market Cap Lost $260B in a Day as Bitcoin Slides to $50K (Market Watch)

More than $260B evaporated from the crypto market cap as BTC struggles to remain above $50K, while ETH and BNB lost 15% of value in a day.

Avatar

Published

on

The highly volatile nature of the crypto market was displayed again in the past 24 hours, with bitcoin leading the race with a massive drop of $11,000. Most alternative coins have also joined the ride south, and the crypto market cap has lost more than $260 billion in a day.

Bitcoin Slumps to $50K (Again)

The “no boring days in crypto” narrative received more confirmation in the past 24 hours, but this time in a negative light. Bitcoin had just painted its latest all-time high above $58,400, and as it seemed quite bullish for the asset, the situation changed in a matter of hours.

BTC headed south vigorously and lost over $11,000 of value to an intraday low of $47,500. Shortly after this massive drop, the bulls took charge and drove the cryptocurrency back to $55,000.

However, bitcoin couldn’t sustain its recovery and dipped below $50,000 once more. At the time of this writing, the primary crypto has regained some traction and currently sits just above the coveted $50,000 mark.

Ultimately, BTC’s market capitalization has lost more than $100 billion in a day and has dropped well beneath the $1 trillion level.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in a Sea of Red

As it typically happens during a sharp correction, most alternative coins have it even worse than their leader. Ethereum has decreased by over 15% on a 24-hour scale to $1,600. Just for reference, the second-largest crypto painted a new ATH during the weekend at above $2,040. As such, ETH is down by more than $400 in a few days.

Binance Coin, which also surged to new record levels around $350 lately, has plummeted to $235. Polkadot (-8%), Cardano (-5%), Ripple (-12%), Litecoin (-15%), Chainlink (-17%) are also well in the red from the top ten.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from Dodo (-25%), Elrond (-24%), Siacoin (-23%), IOST (-23%), 1inch (-23%), Ontology (-22%), Aave (-20%), Curve Dao Token (-20%), Waves (-20%), BitTorrent (-20%) and more.

Consequently, the cumulative market capitalization of all cryptocurrency assets has plummeted by more than $260 billion to $1.5 trillion.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-market-cap-lost-260b-in-a-day-as-bitcoin-slides-to-50k-market-watch/

Blockchain

Avatar

Published

on

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source:

Continue Reading

Blockchain

Avatar

Published

on

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source:

Continue Reading

Blockchain

Avatar

Published

on

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source:

Continue Reading
Blockchain4 days ago

What Coinbase Going Public Could Do For Crypto

Blockchain4 days ago

Celebrities Who Are Backing Crypto Growth and Adoption

Blockchain4 days ago

1inch Exchange Goes Live on Binance Smart Chain

Blockchain4 days ago

Cardano (ADA) Adds Glow to its List of Development Languages

Blockchain5 days ago

Coinbase public listing filing details 2020 revenue, major a16z stake

Blockchain4 days ago

Crypto Exchange Accidentally Sold Customers Bitcoin for $6,000

Blockchain4 days ago

Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

Blockchain4 days ago

Bang Bang: Critical Factors Fueling Rise of the Retail Investor

Blockchain2 days ago

Harvard Professor Kenneth Rogoff Warns Central Banks Will Never Allow Bitcoin to Go Mainstream

Blockchain2 days ago

DeFi Tx Bundler Furucombo Hacked for $14 Million

Blockchain2 days ago

Bitcoin Price Prediction: Downtrend Continues as BTC/USD Crashes Below $46,000 Support

Blockchain4 days ago

How Long Does It Take to Mine One Bitcoin in 2021?

Blockchain4 days ago

Crypto investment firm Arca files with SEC to create a bitcoin trust

Blockchain1 day ago

Cardano Price Analysis: 28 February

Blockchain4 days ago

Venezuela’s Maduro Says He’s Planning a Digital Currency ‘Surprise’

Blockchain4 days ago

Congress seeks answers on crypto anonymity in hearing on domestic terrorist financing

Blockchain2 days ago

BTC Miners Are Now Accumulating, not Selling

Blockchain2 days ago

Market Roundup: Bitcoin Drifting Lower, Cardano at ATHs

Blockchain2 days ago

3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying

Blockchain2 days ago

BNB, RVN, VGX, XVS, & NPXS – February’s Biggest Gainers

Blockchain4 days ago

Focus on DeFi ‘fairness’ benefits Holochain, Orion Protocol and Dodo

Blockchain2 days ago

Mark Cuban Offers Support for Fantom (FTM) in Podcast With CZ

Blockchain2 days ago

Billionaire Mark Cuban Says Crypto Is About To Change How All Businesses Work – Here’s How

Blockchain1 day ago

Weekend Roundup: Rows of Red as Bitcoin Taps $43,000

Blockchain4 days ago

3 types of bitcoin investors that ‘should be concerning to central banks’

Blockchain4 days ago

CoinGecko Debuts “How to Bitcoin” Book

Blockchain4 days ago

A PrimeXBT trader explains how he turned $400k into $8.5 million using Covesting Copy Trading

Blockchain3 days ago

Crypto Analyst Michaël van de Poppe Updates Bitcoin Levels to Watch

Blockchain4 days ago

Arca Debuting Bitcoin Trust to Challenge Grayscale

Blockchain3 days ago

‘Bitcoin could reach $1 million or $1, and may do both of those’

Trending