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December 9, 2022
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Guide & Analysis

Bitcoin drops below $35,000 and crypto market capitalization loses $100 billion

The crypto market capitalization saw $100 billion evaporated in one day, as bitcoin dropped to $35,000 and ETH dropped to $2,300.

After riding high for a few days, the bears regained control and reduced the BTC by a few thousand dollars to about $35,000. Most altcoins suffered even more severely, with ETH dropping to $2,300 and BNB to $330.

Bitcoin drops to $35K

Bitcoin has performed well in recent days following upbeat news from El Salvador, India, and some big corporations looking to get a piece of the crypto pie.

BTC peaked at $38,500 in six days on Thursday, but has moved back slightly to around $37,000 where it was yesterday. However, the situation has changed vigorously since then.

Bitcoin lost over $2,000 in hours and briefly dropped to less than $35,000. Despite recovering a few hundred dollars and being above that line, the BTC is still 4% below on a 24-hour scale.

Its market capitalization is well under $700 billion once again. But on the positive side, bitcoin market dominance is above 44% as altcoins have plummeted further.

Altcoins in red

Although the BTC lost about 4% in value in one day, most of the altcoin market is even more in the red. Just a few days ago, Ethereum jumped to over $2,600, but it has dropped by about $300 since then to $2,300.

Binance Coin has lost $50 since its midweek peak, when the asset hit more than $380. The latest pullback, however, took the BNB to about $330.

Cardano (-8.5%) fights under US$1.4. DOGE (-5%), XRP (-5%), BCH (-7%), LTC (-9%) and SOL (-9%) are also deeply red due to higher cap altcoins.

Polkadot and Uniswap decreased by double-digit percentages. As a result, both are close to dumping below $20.

Bitcoin drops below $35,000 and crypto market capitalization loses $100 billion 23

The situation with low- and mid-cap altcoins is even worse. THORChain has fallen further since yesterday, after a 20% drop to $6.5.

Bitcoin Gold (-16%), Kusama (-16%), Siacoin (-15%), SushiSwap (-15%), Amp (-15%), Fantom (-14%), ICP (-12%), Klaytn (-12%), Horizen (-12%) and SHIBA INU (-12%) are just a few more representatives of the double-digit loser club.

Ultimately, the crypto market capitalization lost $100 billion in one day and $160 billion in two days and is now below $1.5 trillion.

Source: CryptoPotato

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