Saturday, September 23, 2023

Crypto Market Cap Falls By $80 Billion In A Day As Bitcoin Dumps Below $40K

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The crypto market cap declined by about $80 billion today as Bitcoin dropped to a monthly low beneath $39,000.

The crypto markets are on another roller coaster ride today, with bitcoin slipping below $40,000 and many altcoins dumpings as well. Ethereum has taken it on the chin losing over 5% of its value to sit at just under $3,000 per coin. Other altcoins like Terra, Ripple, Solana, Cardano and Polkadot also had substantial price losses. 

Related Reading | TA: Ethereum Slides Below 3K, Why Bears Could Aim $2.5K

Altcoins Enter The Red Sea As Bitcoin Drops

With little-to-no substantial price movements for most of this week, today is a different day for altcoins. The market has been tumultuous, and prices are swinging back and forth throughout the day. As a result, most altcoins are recorded in red with the day started. 

The price of Ethereum has continued to drop, now below $3k for the third time this month. The cryptocurrency is leading an adverse trend, with other coins following suit and falling by almost 5%.

The Binance coin struggled to maintain its position at around $400 after a 3.5% decrease in the last 24 hours. However, things are starting to look up for this cryptocurrency as of late Sunday evening, when prices were close to $420 per coin.

Today, the big movers are Cardano with a 7% decrease and Ripple 6% decrease. Some other notable tokens are Shiba Inu, whose value dropped 6%, Polkadot, with a 7% decline over the last 24 hours, and Dogecoin declined 6%.

The cryptocurrency market has been rough today, with many coins losing 10% or more. The biggest losers include KNC (-11%), Filecoin (-11%), ZILIQA (-10%). Others, including EOS and STEPN, both lost 10% of their value today. 

Eventually, The crypto market cap is down $80 billion and now sits at $1.8 trillion.

Market Cap
Crypto Market cap is recovering after hitting its month low of $1.75 trillion | Source: Crypto Market Cap by

Bitcoin Falls To Monthly Low

Bitcoin found itself in the headlines this past week, as it fell from $45,000 to around $40,000. The cryptocurrency had relaxed for much of last night above $40,000 and even took a swing at $41,000. 

Although bitcoin held onto its value above $40,000 over the weekend, the bears came out in force and pushed prices below $40,000 for the second time in ten days.

Related Reading | Bitcoin Traders Long The $39K Dip, Will BTC Head In Expected Direction?

In today’s dump, Bitcoin fell by $38,600, the lowest price mark since March 16. Bitcoin has risen a few hundred dollars after falling to its month low, but its market capitalization is still below $750 billion. 

The price of bitcoin has been tightening in recent months. However, a capitulation event, where traders are predicting a downward trajectory for the cryptocurrency’s value, could be brewing at any time.


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