Crypto Markets Shed $100 Billion as Bitcoin Dumped to $44K (Market Watch)
Bitcoin took another massive downturn in the past 24 hours and slipped to just over $44,000. Most altcoins have also turned red today, with price declines from Ethereum, Solana, Polkadot, Avalanche, and others. Dogecoin is among the few in the green.
Bitcoin Dropped to $44K
The start of April was not all that positive for the primary cryptocurrency as it dropped from above $47,500 to a multi-day low of $44,250 (on Bitstamp). The bulls stepped up at that point and pushed BTC north. As a result, the asset spiked above $47,000 hours later but failed to remain there for long.
It initiated a leg up to and beyond that level twice in the past few days, but the aftermath was the same. The latest rejection that came yesterday pushed BTC down to $46,000 before the bears took another swing, and bitcoin slumped below $44,500.
Since then, the cryptocurrency has managed to recover some of the losses and now sits above $45,000. Nevertheless, its market capitalization has taken a hit and is now at $860 billion. The metric exceeded $900 billion less than a week ago.
Alts See Red: Not Dogecoin
The altcoins seemed untypically stable in the past few days, but most have turned red now, similar to bitcoin.
Ethereum charted a three-month high above $3,500 a few days ago and has remained around that level since then. Now, though, a 5% daily decline has pushed the second-largest cryptocurrency to just over $3,300.
Binance Coin has lost around 3% of value in the past 24 hours and sits at $440. Solana is down by 6% to $125. Avalanche, Polkadot, Cardano, Shiba Inu, and CRO have decreased by similar percentages as well.
Dogecoin is among the very few exceptions. DOGE is up by another 5% and trades at $0.16. This comes just a few days after it became known that Elon Musk – Dogecoin’s most famous fan – had purchased a 9.2% passive stake in Twitter.
With the lower- and mid-cap alts also in the red, the total crypto market cap has seen $100 billion evaporated from yesterday’s peak and is now below $2.1 trillion.
OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow