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October 3, 2022
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Guide & Analysis

Crypto market: Altcoins’ Christmas bloodbath – $ 40 billion lost

More than $ 40 billion evaporated from crypto’s market capitalization in one day, while BTC struggles for $ 23,000, while altcoins plummet.

The recent Bitcoin roller coaster has continued for the past 24 hours with another $ 1,000 move before closing at around $ 23,000. However, BTC’s dominance increased as the entire altcoin market bled, led by Ripple’s continued declines.

Bitcoin’s last 24 hours

The past few days have been particularly volatile for BTC. Just a few days ago, the BTC soared to a new record of $ 24,300 before being rejected and dumped by more than $ 2,000.

Bitcoin recovered most of the losses quickly and even attempted some breakouts above $ 24,000 again. However, the bears intervened and did not allow new records.

In the past 24 hours, BTC has skyrocketed from a $ 22,800 low to an intraday high of about $ 24,000 again. Another rejection followed that took the asset to less than $ 23,000 hours later. However, BTC has recovered some land and currently trades close to $ 23,000.

Should another price collapse arrive, technical indicators suggest that BTC could count on support levels of $ 22,700, $ 22,500 and $ 22,000.

Alternatively, the significant $ 24,000 resistance line would be the first major hurdle if bitcoin resumes its recent bullish run.

Alts bleed, market capitalization plunges

It is safe to say that altcoins have seen better days, as most have lost substantial amounts of value for a few consecutive days. This is the case with Ripple’s XRP.

After the SEC opened an investigation against Ripple, the value of the XRP fell. In the past 24 hours, the asset has lost another 30% and is below $ 0.25. The XRP has depreciated 60% since Saturday.

However, it seems that most altcoins feel the adverse effects. Ethereum fell 6% to $ 575, Bitcoin Cash (-10%) is traded at $ 275, Binance Coin (-7%) is at $ 31, Polkadot (-4.5%) is well below $ 5 and Litecoin (-7%) struggles to stay above $ 100.

In addition to XRP, Chainlink and Cardano also plunged double digits in one day. LINK (-17%) struggles to stay above $ 10, while ADA (-11%) is at $ 0.135.

Crypto market: Altcoins' Christmas bloodbath - $ 40 billion lost 22

Ultimately, crypto market capitalization has lost more than $ 40 billion in one day and $ 60 billion since Sunday.

With BTC’s relatively moderate price decline, while The altcoins are deep in the red, bitcoin’s dominance over the market has risen to over 69%.

Source: cryptopotato

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