$80 Billion Got Erased From Total Market Cap As Crypto Assets Bleed

$80 billion got erased from the total market cap recently as the market started bleeding and BTC tanked by $3000 in a few hours. Altcoins also saw some massive double-digit drops so let’s read more in our latest crypto news today.

The crypto market had a hard time today as it nosedived and $80 billion got erased from the total market capitalization, moments after Bitcoin plummeted below the $17,000 price range and other altcoins also crashed by double-digit numbers. The alternative coins enjoyed over the past few weeks and saw some incredible increases which led to making yearly records for many altcoins like Ethereum as it reached $620 and XRP $0.90.

The situation changed suddenly in the past 24hours and everything that increased it came down with full force as the cumulative market capitalization decreased from $580 billion to below $500 billion in less than one day. Most altcoins suffered double-digit drops, for example, Polkadot and Litecoin lost about 16% in value, ETH got down to $505, BNB at $28, DOT at $4.8 while LTC at $75. Other coins like Cardano, chainlink, and Bitcoin Cash, crashed by about 20% in the past day. Ripple’s drop was even harder as XRP tanked by 25% to $0.52. more losses were evident from the lower and mid-cap altcoins as well. Verge was on the roll and dived by 35% a day ago.

Some of the other coins that joined the double-digit losers include Golem which dropped by 25%, DigiByte by 24%, Nano by 23%, Algorand by 22%, Status by 22%, and Sushiswap by 22% as well. There are other representatives as well of the coins like ICON and Loopring which crashed by about 20%. The number one cryptocurrency was not exempt from the price developments on the market despite its booming price lately which resulted in hitting $19,500. The community was speculating on how long will it take for BTC to surpass the all-time high but the asset seemingly prove the bulls wrong.

In a matter of hours, BTC lost $3000 of value and bottomed at $16,500 but it did manage to reclaim the $17,000 price point. However, BTC is down by 10% in a day’s time. There are numerous reasons why BTC dropped that much but not everything is as dark as it seems. Bitcoin’s market dominance increased to 62% after dipping to 60% a few days ago.