Bitcoin Retraces Back to $33K as Crypto Market Cap Loses $80 Billion (Market Watch)

Bitcoin Retraces Back to $33K as Crypto Market Cap Loses $80 Billion (Market Watch)

After closing its worst trading quarter in three years, bitcoin continues with its price slumps with a $2,000 drop to just over $33,000. Most alternative coins have also wiped off their recent gains, with ETH close to breaking below $2,100 and BNB sliding well beneath $300.

Bitcoin Drops $2K

The past several days were going rather well for the primary cryptocurrency as it recovered more than $6,000 of value since the weekend bloodbath. It even went towards a 12-day high of over $36,500, as reported yesterday.

Despite the positive news coming from giants like George Soros’ Investment Fund, though, the cryptocurrency started to retrace in the past 24 hours. It firstly dropped to around $34,000, but the bulls didn’t release the control yet and pushed it above $35,000 once more.

However, the bears hadn’t given up and drove the asset south again. This time, BTC’s nosedive was more violent, and it fell to just over $33,000. As such, bitcoin continues with its adverse trading trajectory after closing its worst quarter since 2018 with a 41% decline.

BTC’s market capitalization has dropped to just over $600 billion, while its dominance has also decreased a bit from 46% to 45.5%.

Altcoins in Red; ETH Fighting for $2,100

The alternative coins also enjoyed the past several days with multi-week highs from several of them. Ethereum was a valid example as it added more than 30% of value in days to well over $2,200.

However, ETH has lost more than $100 since then and is currently close to breaking below $2,100.

Binance Coin spiked above $300 as well, but a 4% decline has driven the asset to around $285. Cardano (-1.5%), Dogecoin (-5.5%), Ripple (-3.5%), Polkadot (-3.5%), Bitcoin Cash (-4%), Litecoin (-4%), and Chainlink (-5.5%) are also well in the red from the larger-cap altcoins.

As the graph above demonstrates, Maker is one of the very few gainers. MRK is up by double-digits since yesterday to above $2,600.

In contrast, Ethereum Classic, UMA, Qtum, Bitcoin Gold, Nano, ICP, THORChain, Shiba Inu, Celo, Theta Fuel, and Filecoin have also retraced by double-digits.

The cumulative market cap of all cryptocurrency assets has lost about $80 billion in a day to below $1.4 trillion.

Source