As of June 28, the bitcoin price fluctuated slightly above the $20K mark. However, towards the end of the day, it finally fell to $20K. Market watching also noted the bearish state in the price of most altcoins. These include DOGE, AVAX, SOL, and many others.
As of June 29 data, the price of Bitcoin has finally crashed below the $20K mark. Many big-name cryptos like Ethereum, Shiba Inu, and Doge tokens are also feeling the heat of the bearish turn in the market.
Bitcoin missed the $20,000 price mark
According to last week’s news, Bitcoin made several attempts to break out of the loss in value. During that time, its price skyrocketed from $17,500 to $21,000. This was a recovery from its 18 month low price. It held this $21K price mark until it hit its 10-day high price just over $21,800.
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The ride to higher price became abortive for BTC, eventually falling below $21K. He tried to reach this price, but all attempts were unsuccessful.
Failed attempts at BTC appreciation eventually turned into a downtrend towards $20K. According to the news on June 28, it managed to slightly exceed the $20K benchmark.
BTC Trending Below 1$9,500 Source: BTCUSD on TradingView.com
Based on today’s market watch, the price of Bitcoin has crashed below $20,000. At the time of writing, it still fluctuates below this price, making its market capitalization less than $400 billion.
The effect on other digital tokens
The downward movement of the Bitcoin price affects the rest of the digital tokens. This explains the various red bars on the crypto market chart.
Over the past weekend, Ethereum attempted to move higher amid the bearish state of the market. At the time, ETH was trading at $1,200. However, this did not last too long as the price of Ethereum is currently trading at $1116, roughly a 6.5% daily decline in price.
According to altcoin price data from CoinMarketCap, BNB is now trading at $219. This is a drop of 7.5% in 24 hours in its price. There are other downtrend records for altcoins such as SOL, DOGE, SHIB, and XRP to mention a few.
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Furthermore, despite the slight appreciation of the LEO, Tron and Cardano tokens, they remain in the red zone of the chart. So, judging by the current state of all crypto assets from 2 days ago, the total dump in the overall market capitalization amounts to $60 billion.
Overview of the cryptocurrency market. Source: quantify crypto
Adding this figure to the total drop in market capitalization since the start of the downtrend equals $900 billion.
Pexels Featured Image, Chart from TradingView.com
This post Crypto Market Loses $60 Billion as Bitcoin Drops Below $20,000
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