Market Cap Loses $110 Billion As BTC Drops Below $46K: Analysis

The market cap loses $110 billion of its value as the number one cryptocurrency dropped towards the $46,000 price point due to the high correlation between the US stock market so let’s read more in our latest Bitcoin news today.

Just a few days from hitting $53,000 BTC was caught up on the receiving ends of another price crash below $46,000 as the US stock market continued suffering. The altcoins suffered as well with ETH Dropping below $1500 and BNB struggling at $220. After recovering from the weekly correction, BTC was riding at $53,000 but the coin dropped and failed to double-down on its gains so it eventually reversed the trajectory fast.

This led to breaking below the $50K price rage as reported a day ago with the bears don’t stop here and putting even more pressure in the past 24hours as BTC dropped to $46,000. The cryptocurrency regained some value to $47,000 and it is still almost 5% down since a day ago which could be related to the high correlation of Bitcoin with the US stock market that was losing some steam this week. The most prominent stock indexes, the S&P500, Dow, and NASDAQ all closed in the red after a highly volatile trading day. however, the data from CryptoQuant suggests that institutional investors continued adding BTC portions to their holdings as the price suffered.

The company noticed another sizeable withdrawal from Coinbase to custody wallets of more than 12,000 BTC. The alternative coins followed their leader south with a huge price drop since yesterday and ETH led with a 6% drop which was the second-biggest loss since the $1500 level. Cardano dropped by 5%, BNB by 8%, DOT by 10%, LTC by 7% Bitcoin Cash also by 7%, and Chainlink by 11%. Ripple was the only exception from the top ten as it stayed on the same level for the entire day.

More losses were evident from PancakeSwap as it dropped 14%, Polygon dropped by 12%, Curve DAO Token dropped by 11% and Algorand also dropped by 10%. The market cap loses $110 billion since yesterday and is now set at $1.450 trillion. As the weekend started, most coins are trying to recover and are turning a little greenish so we will see what the end of the weekend will bring us.