Bitcoin drops to a weekly low, causing the cryptocurrency market capitalisation to plummet by $100 billion in a single day
In the last 24 hours, the bears have pushed bitcoin lower, bringing it to a weekly low of a little over $62,000. The majority of altcoins are in the red as well, with Litecoin shedding the most value in a single day.
Bitcoin Dropped to a New Weekly Low
The principal cryptocurrency just broke its previous ATH two times in a row, with the most recent peak coming at $69,000.
The entire situation was altered just when the neighborhood was anticipating another run up to $70,000. Instead of rising, bitcoin has been trending downwards. BTC dropped more than $6,000 in value in just a few hours, to an intraday low of $63,000.
It first came back and soared beyond $65,000, as we started yesterday. This price boost, however, was short-lived, and the bears drove it back down. This time, the cryptocurrency dropped to $62,300 (on Bitstamp), its lowest level since November 7th.
Bitcoin has already regained more than $1,000 in value, and its market capitalization has increased to $1.2 trillion.
As LTC Dumps Hard, Alts Retrace
Alternative coins have also had their better days, which were not so long ago. Ethereum has reached its newest all-time high of around $4,900. Since then, though, ETH has lost over $300 and is now struggling to stay above $4,600.
Solana also hit a new high of $260 lately, but it’s already down to $225. Ripple, Polkadot, and Dogecoin are all marginally down on a 24-hour scale, but Shiba Inu has lost more than 3% of its value and is now worth a little over $0.00005.
From the larger-cap alts, Litecoin has suffered the largest losses. LTC has dropped over 10% in a day to $250.
Binance Coin, Cardano, and Terra, on the other hand, have witnessed slight advances. Avalanche is up 3.5 percent and has re-entered the $90 range.
Some of the smaller and mid-cap alternative stocks have seen bigger returns. Decentraland (21%) is the most popular, followed by IoTeX (20%), The Sandbox (20%), Chilliz (15%), CRO (11%), and Helium (11%). (10 percent ).
On CoinGecko, the cryptocurrency market has lost $100 billion in a single day, falling to $2.9 trillion.