Monday, January 30, 2023

Cryptocurrency Market Cap Dropped Below $2T, BTC Slides Again

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Cryptocurrency market cap dropped below $2T and BTC slides again to a 17-day low of near $42,000 as we can see more today in our latest crypto news.

The crypto marekt cap is down by $200 billion in about a week as BTC and other altcoins are entering the deep red today. Bitcoin’s nosedive continued over the past 24 hours and the asset dropped to a 17-day low of nearly $42,000 most altcoins are in the red with most of the losses coming from Terra, Cardano, Avalanche, Solana, and DOGE from the larger-cap ones. It was just a few days ago when BTC was fighting to reclaim $47,000 and surge above this level twice in a 48-hour period but the bears came out from the shadow and didn’t allow for more increases.

BTCUSD. Source TradingView

Both of the attempts were rejected rapidly but the second one was met with a bigger correction. BTC dumped to $45,000 before it went further and slipped to $43,000. it bounced off from the line and surged to $44,000 but this one was a fake breakout and BTC went south again. This cumulated a drop to over $42,000 which was considered the lowest price of BTC since March 23. The cryptocurrency market cap dropped below $2% and as of now, the crypto stands a few hundred dollars above the lien but the market cap is down to $800 billion.

Similar to BTC, the altcoin space turned red and ETH is among the more modest losers with a 1.5% decline daily. As such, the second biggest cfrypto dropped to $3200 and it is worth noting taught the ETH marked a three-month high of $3500 a few days ago. Ripple, DOT, SHIB, CRO, and BNB slipped by less than 5%, and Cardano on the contrary and DOGE increased by 5%. Solana dumped by 9% and has a hard time after falling at $130. TErra lost the most with 10% in one day and sits below $95 which came after a $200 million token swap with AVAX. The crypto market cap lost $200 billion in four days which means that the metric dumped below the $2 trillion lines for the first time since March.

crypto markte
Cryptocurrency Market Overview. Source Quantify Crypto

NEAR protocol led the way with a 24% surge to $20 while Bitcoin eyes $44K. after a few days of freefall and hitting a 2-week low, BTC bounced off and reached $44,000 with the rest of the altcoins all being in the green today. However, NEAR protocol stole the show with a 24% massive surge. The recent Bitcoin price movement was mainly going south and the asset spiked above $47,000 on multiple occasions before the bears took control over the market. One day later, BTC found itself dipping below $45,000 but the situation worsened.

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