Crypto Markets Lose $250 Billion Overnight as Bitcoin Slumped by $8K (Market Watch)
Several altcoins have suffered double-digit price drops today.
The primary cryptocurrency charted a fresh all-time high at almost $74,000 yesterday, but the bears stepped up and pushed it south to a weekly low.
The altcoins have also suffered badly over the past 24 hours, with double-digit price dumps from the likes of XRP, ADA, AVAX, DOGE, and SHIB.
Bitcoin’s Daily Decline
Bitcoin’s price trajectory had been nothing short of spectacular in the past several weeks. After breaking above $50,000, the asset has looked only north, which culminated last week in breaking the 2021 all-time high of $69,000.
However, BTC was just getting started and kept climbing after recovering from the almost inevitable correction. As a result, the cryptocurrency skyrocketed to over $70,000 at the end of last week and all the way up to $73,900 (on Bitstamp) yesterday morning, which became its current all-time high.
After such an impressive rally, warning signs started to appear that there might be an overdue correction . Such a retracement indeed started yesterday with a drop to $70,000 but worsened earlier today when BTC slumped further to a weekly low of $65,600.
As of now, the asset has recovered some ground and stands inches above $67,000. However, its market cap is down by more than $100 billion in a day to just over $1.3 trillion on CoinGecko. Its dominance over the alts is also slightly down to 49.5%.
Alts See Red
As it typically happens when BTC heads in one direction hard, so do most altcoins. Ethereum failed at overcoming $4,000, and the drop of 7.5% since then has pushed it to under $3,700. BNB charted a multi-year peak yesterday but is now down to $570 after a similar daily retracement.
More pain comes from the likes of Cardano, Avalanche, Dogecoin, Ripple, Polkadot, Polygon, Toncoin, and Shiba Inu. All these assets have declined by double-digits in the past day.
With most other mid- and lower-cap alts in a similar state, the total crypto market cap has lost over $250 billion in a day and is down to $2.650 trillion on CG.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Inflation Shocks Wall Street as Selling Pressure Builds: 5 Altcoins to Try Before the Next Major Rally
Analytics Firm Says, “There’s a 90% Chance We’re at the Start of a Bull Market,” and Reveals Its Favorite Altcoins
U.S. Treasury Department’s investigation does not signal reduced bond issuance; U.S. Treasury yields rise as 10-year reclaims 5.12%
In a survey soliciting opinions from primary dealers, the Treasury Department asked about plans for repurchasing long-term government bonds, ways to enhance repo efficiency, the timing of short-term bond issuance, and prospects for the economy and financing, but did not directly address the issue of reducing long-term bond supply. Some investors had expected the Treasury to use this questionnaire to more clearly signal that it is considering scaling back the size of long-term bond auctions or even stopping the issuance of 20-year bonds, in response to the Trump administration's efforts to lower financing costs. The refinancing announcement to be released by the Treasury on November 4 has become the next observation point.
Dogecoin eyes daily death cross in 2026 as price trades near $0.081
Crypto prices
More
