Crypto market hit with general price drop, loses $80 billion in hours
Friday night was a nightmare for crypto traders as the entire crypto market was in red indicating a drop in price by all major crypto assets in the market. This led to a loss of $80 billion from the cumulative market capitalization of all cryptocurrencies repeating a trend that occurred the previous Friday too.
The massive drop in prices affected Bitcoin and altcoins, sparing no crypto asset in the market and causing massive losses to short-term holders.
Bitcoin last Friday was at the $69,000 price level before dropping by over $2,000 to $67,000. There wasn’t much activity over the weekend in terms of price action so Bitcoin maintained its level at $67,000.
As Monday rolled in Bitcoin gained from its recent position briefly exceeding $70,000 and crossing the $70,000 mark on Tuesday. Bitcoin remained above $70,000 throughout the week and even reached a 2-week high of $72,000 on Friday.
But as Friday evening drew near the Friday down cycle repeated itself and Bitcoin witnessed a massive drop in price driving it down all the way to $68,500. The crypto asset recovered some ground and is currently at $69,000 but the price drop is still a massive 2.7%.
Altcoins which are other crypto assets that are not Bitcoin experienced a worse state during the Friday meltdown in the crypto market.
Ethereum the largest altcoin dropped by 3.5% sitting below $3,700, Binance Coin dropped from its all-time high of $710 to under $690 and Solana dropped by over 6%.
Other smaller altcoins recorded price drops including Dogecoin, Avalanche Chainlink. Polkadot, NEAR, UNI, and MATIC. They all recorded price drops of over 5% on Friday night during the meltdown.
Some altcoins like WIF, ARB, and FET recorded massive price drops that run into double digits. Only FIL altcoin recorded a gain during the meltdown.
The Friday meltdown in crypto markets driving down crypto prices is fast becoming a trend worth noting.
What to know
- Bitcoin’s market capitalization has dropped from over $1.4 trillion to $1.366 trillion. The primary crypto asset still remains dominant over altcoins as altcoins recorded worse dumps during the meltdown.
- The total market cap of all cryptocurrencies lost about $80 billion in a matter of hours yesterday and has dropped to under 2.7 trillion.
- Market cap or market capitalization, is a cryptocurrency’s total value, calculated by multiplying the current price of the cryptocurrency by its circulating supply. The circulating supply is the number of coins currently available, or held in users’ wallets.
