Crypto Markets Lose $70 Billion, Bitcoin Below $50K (Market Watch)

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The bears continue to rule over the crypto markets. Most alternative coins have lost substantial chunks of value in the past 24 hours, with ETH below $2,200 and BNB beneath $500. Bitcoin’s brief spike above $50,000 was also unsuccessful, and the asset trades south of that coveted level.

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Aside from several brief recovery attempts, the altcoin market has suffered in the past few days. Ethereum went on to register a new all-time on Thursday at $2,650 but has lost nearly $500 since then. As a result, the second-largest crypto struggles below $2,200.

The situation with the rest of the altcoins is somewhat similar. Binance Coin failed at remaining above $500, and a 6.5% dump has driven BNB to $490. Ripple (-8.5%), Cardano (-5.5%), Polkadot (-8.5%), Uniswap (-7%), Litecoin (-4.5%), and Bitcoin Cash (-5.5%) have all bled out in the past 24 hours.

Dogecoin is still the exception. DOGE pumped hard yesterday with about 30% to above $0.27 and has remained there.

Cryptocurrency Market Overview. Source: coin360.com

Somewhat expectedly, even more losses are evident from the lower- and mid-cap altcoins. THORChain leads the adverse trend with a 17% drop since yesterday to below $11.

Dent (-16%), Holo (-13%), BitTorrent (-13%), WazirX (-12%), VeChain (-12%), ICON (-11%), IOTA (-11%), Celsius (-11%), UMA (-11%), and Decentraland (-10%) are next.

Ultimately, the cumulative market cap of all crypto assets has lost another sizeable chunk of $80 billion and is down to $1.8 trillion.

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It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t all that long ago as bitcoin was riding high above $60,000 about a week ago.

However, the massive dumps last Sunday and Friday ensured that the cryptocurrency would trade under $60,000 for seven consecutive days.

Moreover, the latest crash drove the cryptocurrency below another coveted level – $50,000. In the past 24-hours, bitcoin attempted to reclaim that line, and it even looked successful at one point. BTC reached an intraday high of $51,000.

Nevertheless, the bears regained control once more and pushed the asset south to its current price tag of below $49,500.

BTC’s market capitalization is still below $1 trillion, but its market dominance has recovered some ground. The metric is up to 51% after coming close to breaking below 50% yesterday.

BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

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