Bitcoin’s price declines continued over the past 24 hours, with the asset dipping below $28,000 for the first time since April 9.
Altcoins are also in the red. The total market capitalization has lost almost $90 billion in the last two days.
BTC slides below $28K
Bitcoin traded sideways over the weekend, and it wasn’t until Tuesday that it finally made a move, falling by a thousand dollars to $29,100. However, the bulls quickly intercepted the move and pushed the asset north, helping it recapture the coveted $30,000 line.
However, the landscape began to change soon after as BTC crashed within minutes. However, that was just the beginning as the bears pushed it further south in the last 24 hours. This resulted in a break below $28,000 for the first time in almost two weeks.
Despite recovering a few hundred dollars since then, BTC is still struggling to hold $28,000. It’s about 3% less on the day and more than 8% on a weekly scale.
Its market capitalization, which hit $600 billion just a few days ago, is now struggling below $550 billion. However, its dominance over altcoins has regained some ground, but it is still below 46%.
BTCUSD. Source: TradingView
alts turn red
Like Bitcoin, most altcoins have not enjoyed themselves in recent days. Ethereum hit an 11-month high after the Shapella upgrade last week, but has since shed more than $200. As a result, the second largest cryptocurrency is currently struggling to stay above $1,900.
Ripple, Cardano, Polygon, Solana, Polkadot, Litecoin, Shiba Inu and Avalanche are also in the red, with losses of up to 5% in one day. Dogecoin is the one that has sold the most (-8.5%), perhaps due to the asset’s relationship with Elon Musk. As it became known yesterday, the last Starship rocket exploded shortly after launch.
With ICP, NEAR, GRT, and many other small- and mid-cap alternatives posting substantial losses, the total crypto market capitalization has fallen below $1.2 trillion. This means that the metric has lost approximately $90 billion in the last two days.
Overview of the cryptocurrency market. Source: quantify crypto
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TradingView cryptocurrency charts.
This post Crypto Markets Lost $90B In 2 Days As BTC Slips Below $28K: Market Watch
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