Monday, December 11, 2023

Crypto Market Cap Loses $100B In 3 Days As BTC Slides Below $30K

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The crypto market cap loses $100b in 3 days after bitcoin slipped below $30,000 and remained on shaky feet so let’s read more today in our latest cryptocurrency news.

Bitcoin’s affair above $30,000 didn’t last for a long time as the asset dropped below this level and below $29,000 so the altcoins are in no better condition with ETH sliding below $1800 and both SOL and TRON marked substantial daily losses. After the violent May where BTC ended the week with a red candle, it continued its negative streak with the landscape seeming positive at the start of June when it surged to $30,000. BTC hit a multi-week high of $32,400 which gave the community some bigger expectations that the worst might be over but the bearish market sentiment returned fast and the crypto dropped by over $3000 in a few hours to over $29,000.

BTCUSD. Source TradingView

Bitcoin tried its hand at $30,000 once again and seemed like a successful attempt at first with the situation changed shortly after. The rejection brought BTC south to a level of $29,200. As of now, the asset reclaimed ground and stands close at $30,000 but it is still 2% down on the day with the market cap declining to $565 billion and the dominance over the altcoins increasing about 46%. the alternative coins didn’t have fun in the past day with the red being visible on all charts. ETH leads the adverse trend with a 2.5% daily decline and the second biggest crypto went below the $1800 price point.

Binance Coin struggled to sustain the $300 level after a decline and Cardano, DOGE, Ripple, and DOT all entered the red. However, Solana and Tron experienced the biggest daily drops and SOL lost another 8% sitting below the $40 price point so TRX, on the other hand, is down by 6% in the $0.08 region. With most other and low cap altcoins in a similar condition the market cap declined to $1.220 trillion which means the metric lost about $100 billion in the past three days.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, The report contains a simple compilation of the facts that show a clear picture of the BTC market as it now stands. The blockcahin is an unalterable showcase of evidence and ARK put their bets on analysts to review it and get more insights about the price analysis.

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