Crypto Market Fall Below $1T, and BTC and Altcoins Dump by Double Digits

The market value of cryptocurrency has fallen below the enviable $1trillion mark, hitting its 18 month low. The adverse price trend in cryptocurrency has not yet ended, as bitcoin fell below $25000 to an 18 month low. Other currencies are also in free fall, and the prices of many of them have fallen by double digits. This led to a large-scale decline in the total market value of cryptocurrencies, which fell below $1trillion today.

Bitcoin Fell to an 18 Month Low

The US inflation news released last Friday (a record 8.6% month on month growth) started the decline of bitcoin, which initially fell from $30000 to $29000 within a few hours. However, in the next few days, what happened (and continued to happen) was significantly more intense. The free fall of bitcoin has intensified. The asset fell to US $27000 on Saturday and US $26000 on Sunday, resulting in more than US $500million liquidation for two consecutive days.

The latest price sell-off occurred a few hours ago, when BTC fell below $25000 and plummeted to an intraday low of $24500. This is the lowest price position of the cryptocurrency since december2020.

It fell by more than 10% on the same day, which means that its market value has reached below $500billion. The only positive news now is that BTC’s dominant position in altcoins has been maintained at a high level of more than 47% because they have been more affected.

Download App for Android

Download App for iOS

The Bloodiness of Altcoin Street

 

As is often the case, when the BTC rushes south, so does the alternative coins. During the weekend, most of them were in a state of loss, but they plummeted every day.

Eth continues to see new lows. A week ago, it stood above $2000, but since then it has lost more than $700. The current transaction is far lower than that of ATH in 2018. A 15% daily decline has pushed the second largest cryptocurrency below $1300.

BNB fell 11% in one day to $230, while XRP (-10%) was just over $0.30. Cardano, Solana, Polkadot, dogecoin, Tron and Shiba Inu also saw double-digit declines. The losses of NEXO (-27%), fantom (-23%), curve Dao token (-21%), kava (-18%), stepn (-18%), waves (-17%), thorchain (-17%) and many other currencies are even more obvious.

Finally, the cumulative market value of all cryptocurrency assets fell below $1trillion for the first time in more than a year. In the past few days, the index has disappeared by $300billion.