The cryptocurrency markets took a beating in the past 24 hours, with BTC losing $17K and BNB crashing by around 10%.
The past 24 hours have been tough in the cryptocurrency markets, with the total capitalization dropping by some $40 billion. This comes on the back of major coins charting serious declines and BTC plummeting below $17K.
Bitcoin’s price took a serious beating over the past couple of days, losing about 9% of its value since hitting $18,300 earlier in the week. For the past 24 hours alone, the cryptocurrency is down by almost 3%, training at around $16,700 at the time of this writing.
It’s interesting to note that Bitcoin dominance – used as a primary means of gauging its share relative to that of the entire market – is increasing. This means that altcoins are having it worse than BTC during this period.
In any case, it’s important to see if BTC will be able to reclaim the coveted $17K level or if there’s more pain to come in the following days.