Entire Crypto Market Loses $20 Billion As Bitcoin And Altcoins Bleed

The entire crypto market loses about $20 billion, declining by over 5% in the past day after BTC and most of the other altcoins started bleeding and losing value so let’s read more in the upcoming altcoin news today.

Most of the crypto market is retracing quite a bit today after a few days of gains as Bitcoin failed to conquer the $12,000 level and dropped to $8000. The larger-cap altcoins followed and the entire crypto market lost about $20 billion. The main cryptocurrency tried to break above the $12,000 price point a few days ago but it couldn’t manage. It did succeed to maintain the position beneath the level for a few hours but the situation reversed quite fast yesterday. BTC started descending at about $11,950 while in a few hourly candles the asset dropped to $11,150 which was the daily low. BTC then recovered and is now trading above $11,300.

From this point on, BTC can rely on the $11,200 position followed by the $11,050 as support if the drop continues. If the cryptocurrency reverses and returns in the bull run, it will have to overcome the $11,800 before facing off the $12,000 again. Just before BTC started dropping, gold led the way with a huge price drop. The precious metal showed an increased correlation with BTC but then it reached an all-time high of $2,070 per oz a few days ago. However, the metal lost more than 8% from its value in two days to its current price of $1880 per ounce.

It’s also worth noting that the silver is also down by 25% from its $30 yearly high reached last week. The red is now dominating all markets with some major losses in larger-cap altcoins. Ethereum was not able to break above $400 after it tried a few times, as it dropped by 6% in the past day. Ripple declined by 8% to $0.277 followed by Bitcoin Cash, Bitcoin SV, Litecoin, and Cardano.

Tezos reached a new all-time high of $4.4 but then crashed by 13% to $3.75. Other notable losses in the past 24 hours were hit by Band Protocol, Hashgraph, Nervos Network, Kusama, Bytom, IOTA, Ontology, Algorand and THETA. These events affected the entire market capitalization as the metrics dumped over 5% from the high of $365 billion to $345 billion. Despite the red dominance, it’s worth noting that Compound surged by 29% along with Maker, Aragon, AAve, and Ampleforth.