Bitcoin Plummeted to $44K and the Cryptocurrency Market Lost $100 Billion

04/07/2022By: C, Fiona

As bitcoin fell to just over $44000, the market value of cryptocurrency decreased by about $100 billion in one day, and most altcoins were deep in the Red Sea.

Bitcoin has experienced another massive decline in the past 24 hours, falling to just over $44000. Most altcoins have also turned red today, and the prices of Ethereum, Solana, Polkadot, avalanche, etc. have fallen. Dogecoin is one of the few green currencies.

Bitcoin Fell to $44K

The start of April was not so positive for the main cryptocurrency, as it fell from more than $47500 to a multi day low of $44250 (on bitstamp). Bulls stood up at this time and pushed BTC to the north. As a result, the asset soared to more than $47000 a few hours later, but failed to stay there for long.

In the past few days, it has started to rise and surpass this level twice, but the consequences are the same. The latest refusal yesterday pushed BTC down to $46000, and then the bear market swung again, with bitcoin falling below $44500.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

 

Since then, the cryptocurrency has managed to recover some losses and is now above $45000. Nevertheless, its market value has also been hit, currently $860 billion. Less than a week ago, the index exceeded $900 billion.

The Altcoins Sees Red. Not Dogecoin

A few days ago, Ethereum drew a three-month high above $3500 and has remained near that level since. But now, a 5% daily decline has pushed the second-largest cryptocurrency to just over $3300.

Binance coin has lost about 3% of its value in the past 24 hours, at $440. Solana fell 6% to $125. Avalanche, Polkadot, Cardano, Shiba Inu and cro also experienced similar percentage declines.
Dogecoin is one of the few exceptions. Doge rose another 5% to $0.16. This happened a few days after Elon Musk, dogecoin’s most famous fan, bought a 9.2% passive stake in twitter. With low-end and middle-end allies also at a loss, the total market value of cryptocurrency has evaporated $100 billion from yesterday’s peak and is now less than $2.1 trillion.