Bitcoin Fell to a 17 Day Low, and the Market Value of Cryptocurrency Fell Below $200 Million

As bitcoin and all alternative currencies are in deep losses today, the market value of cryptocurrency has decreased by $200 billion in less than a week.

Bitcoin’s recent decline has continued in the past 24 hours, with the asset falling to a 17 day low of about $42000. Most altcoins are also deeply red, and the biggest losses are from large cap stocks such as Terra, Solana, avalanche, Cardano and Dogecoin.

Bitcoin Tested $42000

Just a few days ago, bitcoin was still struggling to recover $47000 and soared above that level twice in 48 hours. However, the bear market came out of hiding and did not allow any further growth.

 

 

Both attempts were rejected fairly quickly, but the second attempt encountered a more drastic correction. At first, BTC fell to $45000 and then further to $43000, as reported yesterday. It rebounded from that line and soared to $44000, but it proved to be a false breakthrough, and bitcoin went south again. This peaked when it fell to just over $42000 a few hours ago, the lowest price point for BTC since March 23.

So far, the cryptocurrency stands hundreds of dollars above this specific line, but its market value has fallen to $800 billion.

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The Altcoins Becomes Red

Similar to bitcoin, the field of alternative currency has become red today. Ethereum is a variety with a smaller decline, with a daily decline of 1.5%. As a result, the second largest cryptocurrency has fallen to $3200. It is worth noting that just a few days ago, ETH marked a three-month high of more than $3500.

Binance coin, ripple, Polkadot, Shiba Inu and cro fell by less than 5%. By contrast, Cardano, avalanche and Dogecoin have fallen more than 5% since yesterday. Solana has sold 9% and struggled at $110 after failing at $130 earlier this week. Terra’s biggest loss — more than 10% a day — was below $95. This is after a $200 million token exchange with Avalanche (AVAX).

The market value of cryptocurrency lost $200 billion in four days. This means that the index has fallen below the enviable $2 trillion line for the first time since late March.