Crypto Bloodbath, $350 Billion In Market Cap Gone In 48 Hours
Bitcoin and altcoins alike, the entire crypto space takes a beating, losing $350 billion in market cap in just 48 hours.
As a result, the market cap is just around 1.2 trillion today, the lowest it has been since the start of the year.
Bitcoin price dropped below $30k due to the fud caused by China‘s recent crypto crackdown movements. As it usually is the case, the other coins also dipped in response to that.
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The crash seems to have hit the alternative coins pretty hard as all the major ones seem to be in the red by double digit percentages.
Here is a chart on Quantify Crypto that shows all the major cryptocurrencies with their daily changes in value as of Tuesday:
Get 110 USDT Futures Bonus for FREE! The entire crypto market is shook | Source: Cryptocurrency Price Heatmap on Qunatify Crypto Ethereum (ETH) is down almost 12% to $1753. Only a week ago, ETH was above $2600.
The third largest coin by market cap is Binance Coin (BNB), and it’s floating around $237 right now. Thus, it has fallen off by 23%.
Dogecoin (DOGE) has suffered a loss of 25%, one of the biggest decrease on the map. It has gone down to about $0.17.
Here is a quick rundown of the other major altcoins:
Cardano (-21%), XRP (-23%), Polkadot (-22%), Uniswap (-18%), Bitcoin Cash (-18%), Litecoin (-19%), and ChainLink (-18%).
During the $350 billion market cap drop in the past couple of days, Bitcoin actually gained more dominance with an increase of about 1.28% in the last 24 hours.
Related Reading | Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars
Over the last 7 days, however, BTC has dropped in market cap by about 18%.
Bitcoin Price
Bitcoin’s price has dropped below $30k for the first time since January. This means it has lost over 9% in value over the past 24 hours.
Also, it’s year-to-date return has fallen down to just 3%, when only yesterday it was riding over 10%.
Here is how its market cap has changed over the period of a few months:
BTC's market value fluctuations since February 2021 | Source: Market Cap BTC on TradingView The latest Bitcoin crash came after China’s continued attempts at shutting down major mining hubs around the country.
As a lot of the Bitcoin hashrate resides on China, the movements of the BTC owned by miners caused a domino effect on the entire market.
Related Reading | Microstrategy Buys Another $489 Million Worth Of Bitcoin
Altcoins followed from there and their value fell as well. The effect on the total global cryptocurrency market cap can be seen in this chart:
The global cryptocurrency market cap is down more than $200 billion in the last 24 hours | Source: TradingView As per this chart, the market cap fell by more than $400 billion in the past week. Of which, $224 billion was lost in just the past 24 hours.