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December 8, 2022
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Guide & Analysis

Bitcoin devalued US$3,000 in one day and crypto market lost US$100 billion

$100 billion is gone from the crypto market capitalization as bitcoin has continued to fall since last Sunday, and is now below $35K.

The weekends continue to bring adverse price developments for bitcoin as the asset dropped to $35,000 in six days. The altcoin situation is similar, with ETH dropping to $2,200 and BNB below $340. Total market capitalization dropped $100 billion in one day.

Bitcoin slips to minimum in 6 days

The workweek was going well for bitcoin, which hit $40,000. Bulls took the asset to a new 3-week high of nearly $41,400 but failed to maintain momentum.

On the contrary, the BTC began to gradually decline in value over the next few days. As a result, the cryptocurrency initially dropped below $40,000 but continued to lose further support levels.

After dropping to $37,000, as per reported yesterday, the bears kept up the pressure and took bitcoin down to just under $35,000. This has become the asset’s lowest price line since last Sunday and reaffirms the narrative that it hasn’t performed well during weekends lately.

Despite recovering several hundred dollars since the intraday low, BTC’s market capitalization has dropped below $700 billion, while its dominance is just under 45%.

Altcoins in red

It’s safe to say that the altcoin market has also seen better days. Most digital assets mimicked the performance of their leaders in recent days, which means that red is the dominant color.

Ethereum lost another 4% of its value in the last 24 hours and even dropped to $2,200 before. The BNB’s fall is similar, and it fights below $340. A few days ago, Binance Coin was up, above $380.

Cardano (-3%), Dogecoin (-4%), Ripple (-5%), Polkadot (-4%), Bitcoin Cash (-3%), Uniswap (-4.5%), Litecoin (-4% ), and Solana (-6.5%) have lost even more value since yesterday.

Bitcoin devalued US$3,000 in one day and crypto market lost US$100 billion 23

More losses come from Fantom (-14%), Amp (-13%), Waves (-11%), THORChain (-11%), ICP (-10%), THETA (-10%), XDC (-10 %), and more.

Ultimately, the cumulative market capitalization of all crypto assets lost just over $100 billion in one day and is now below $1.5 trillion.

Source: CryptoPotato

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