"Crypto market hit with general price drop, loses $80 billion in hours"

" Crypto market hit with general price drop, loses $80 billion in hours \r\nFriday 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\u00a0 led \u00a0to a loss of $80 billion from the cumulative market capitalization of all cryptocurrencies repeating a trend that occurred the previous Friday too.\r\n\r\nThe massive drop in prices affected Bitcoin and altcoins, sparing no crypto asset in the market and causing massive losses to short-term holders.\r\n\r\nBitcoin last Friday was at the $69,000 price level before dropping by over $2,000 to $67,000. There wasn\u2019t much activity over the weekend in terms of price action so Bitcoin maintained its level at $67,000.\r\n\r\nAs 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.\r\n\r\nBut 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%.\r\n\r\nAltcoins which are other crypto assets that are not Bitcoin experienced a worse state during the Friday meltdown in the crypto market.\r\n\r\nEthereum 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%.\r\n\r\nOther 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.\r\n\r\nSome altcoins like WIF, ARB, and FET recorded massive price drops that run into double digits. Only FIL altcoin recorded a gain during the meltdown.\r\n\r\nThe Friday meltdown in crypto markets driving down crypto prices is fast becoming a trend worth noting.\r\n\r\n What to know\u00a0 \r\n \r\n \t Bitcoin\u2019s 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. \r\n \t 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. \r\n \t Market cap or market capitalization, is a cryptocurrency\u2019s 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\u2019 wallets. \r\n \r\n \r\n \r\n "

"Crypto market hit with general price drop, loses $80 billion in hours"

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