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June 28, 2022
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Guide & Analysis

Bitcoin returns to monthly lows with crypto market capitalization evaporating $160 billion

More than $160 billion has gone from the crypto market capitalization with Bitcoin losing $4,000 in one day.

Another weekend begins with another adverse price move for Bitcoin as the asset has dropped by several thousand dollars to less than $31,000. Altcoins are also in the red, with ETH falling below $1,800.

Bitcoin drops below $31,000

It’s almost becoming a tradition for the BTC to fall at the beginning of the weekend. The BTC was actually looking healthy yesterday after recovering from the midweek cross and traded above $35,000.

That was their highest price in four days, but the bears wouldn’t allow further increases. Just the opposite, they brought sales pressure, resulting in further price drops.

In a matter of hours, Bitcoin lost more than $3,000 in value and plunged below $32,000. Although it initially bounced and recouped some losses, the bears kept up the pressure, and BTC dumped under $31,000 where it now is too.

Bitcoin market dominance has remained high, but that’s only because altcoins have suffered even worse. BTC’s market cap decreased to below $600 billion.

Altcoins in red

As usually happens when there is enhanced volatility with the leader, altcoins performed even worse. Ethereum is an excellent example of this. It stayed at $2,000 for a few days, but a 9% drop left the cryptocurrency at $1,800.

Binance Coin, which was above $310 days ago, is also in the red. On a 24-hour scale, the BNB is at 8% and is currently around $270.

The rest of the larger-cap alts also lost substantial chunks of value. Including Cardano (-7%), Dogecoin (-10.5%), Ripple (-9%), Polkadot (-8.5%), Bitcoin Cash (-7%), Litecoin (-7%), and Uniswap (-10% ).

Aside from Celo, which has pumped 25% since yesterday, most low- and mid-cap alts are also in the red.

Thorchain leads the adverse race with a 17% clearance. Kusama (-16%), Curve DAO Token (-15%), ICP (-15%), BakeryToken (-14%), NEAR Protocol (-14%), Synthetix (-13%), Fantom (-13% ), The Graph (-12%), Nano (-12%), and FTX Token (-12%) are just a few more representatives of the double-digit price decline.

Ultimately, the cumulative market capitalization of all cryptos lost more than $160 billion in one day and is well below $1.3 trillion.

Source: CryptoPotato

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