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Saturday, May 18, 2024

Crypto Markets Lose $220 Billion in 2 Days as Bitcoin Slumps Toward $63K (Market Watch)

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Bitcoin’s price continues its downfall, and the asset has now lost roughly ten grand since its peak last Thursday at nearly $74,000.

The alternative coins also bleed out heavily and the total crypto market cap has dumped to under $2.5 trillion after exceeding $2.9 trillion last week.

BTC’s Nosedives Continue

The primary cryptocurrency was on a roll for weeks, which culminated last Thursday when the asset blew past $73,000 and charted a new all-time high of $73,800. After gaining more than 30% since the start of the month, though, analysis started to emerge that BTC is due to a correction.

This indeed started to transpire since last Friday. Bitcoin dropped to $68,500 and tried to recover toward $72,000 but was quickly halted and pushed back down to $66,000.

There was some elevation during the weekend that saw BTC jumping to $70,000, but that was short-lived. Once Monday arrived, BTC plunged again and once more in the past 12 hours or so.

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The latest decline drove the cryptocurrency to its lowest price level in about two weeks of $63,000. Although that support level has not been breached yet, BTC is still more than 6% down on the day.

Its market capitalization has dropped to $1.250 trillion, but its dominance over the alts has increased to just over 50% on CG.

BTCUSD. Source: TradingView

Alts Bleed Out Heavily

The rising BTC dominance when Bitcoin’s price is plunging means only one thing – the altcoins are suffering even more. The largest one, for example, has dumped by another 9% and sits at $3,250. Recall that ETH had soared past $4,000 less than a week ago.

Solana, which surpassed Binance Coin yesterday, had declined by over 13% in a day and is back down to $180. BNB (-8.5%) has retraced to $515. Dogecoin, Polkadot, Polygon, and NEAR have shed over 10% in a day.

The landscape with most lower- and mid-cap alts is similar, and the total crypto market cap has plummeted to under $2.5 trillion on CG. The metric was above $2.9 trillion last Thursday and over $2.7 trillion during the weekend.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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