The adverse price movements in the cryptocurrency space are not over yet, as bitcoin fell to a new 18-month low below $25,000. Altcoins are also in freefall, with many seeing more double-digit price losses. This led to a massive drop in the total crypto market cap, which fell below $1 trillion today.
Bitcoin Dumps to 18-Month Low
US inflation news (record 8.6% YoY increase) released on Friday started a downturn for bitcoin, which initially fell from $30,000 to $29,000 in hours.
However, what happened (and continues to happen) in the following days is much more violent. Bitcoin’s Freefall intensified with the asset falling to $27,000 on Saturday and $26,000 on Sunday, causing more $500 million in liquidations for two days in a row.
The latest price crash came a few hours ago when BTC fell below $25,000 and fell to an intraday low of $24,500. This is the lowest price position the cryptocurrency has seen since December 2020.
A decline of more than 10% on the day means its market capitalization has fallen well below $500 billion. The only positive news now is that BTC’s dominance over altcoins has remained high above 47% as they have suffered even more.
Blood on Altcoin Street
As typically happens when BTC heads south, so do altcoins. Most were well into the red over the weekend, but continued to dip daily.
ETH continues to see new lows. It was above $2,000 a week ago but has lost over $700 since then and is trading well below the 2018 ATH now. A daily decline of 15% pushed the second-largest crypto below $1,300.
BNB is down 11% in one day and sits at $230, while XRP (-10%) is at just over $0.3. Cardano, Solana, Polkadot, Dogecoin, TRON and Shiba Inu also all fell by double digits.
Even more losses are evident from NEXO (-27%), Fantom (-23%), Curve DAO Token (-21%), Kava (-18%), STEPN (-18%), Waves (-17%) , THORChain (-17%), and many more.
Ultimately, the cumulative market capitalization of all cryptocurrency assets fell below $1 trillion for the first time in over a year. The metric has seen $300 billion disappear in the past few days.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% fee discount on Binance Futures for the first month (terms).
PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to receive up to $7,000 on your deposits.
Disclaimer: The information found on CryptoPotato is that of the cited authors. It does not represent the opinions of CryptoPotato on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decision. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.