Crypto Markets Lost $50B As Bitcoin Falls by $1,000

Bitcoin

After scaling above $25,000 to a new two-month high, bitcoin was aggressively rejected at that point and dumped by more than $1,000 in hours.

Most altcoins are seeing red today, following the past few days of charting gains. Although, there are exceptions like Dogecoin and Shiba Inu.

BTC has been performing very well since last week when the price dropped below $23,500 at the end of the previous week as it neared $25,000 on Saturday. Then it spiraled downwards again, failing to hit the peak by falling by hundreds of dollars.

On Sunday, it went overboard and excitingly hit the multi-month high of over $25, 200. While the BTC community rejoiced, the cryptocurrency changed its trend and dwindled by more than a thousand dollars in hours.

Currently, BTC is trading at $24,000, though it still stands at $450 billion. However, its dominance over other alts has taken a toll; it is down to 40.1%.

The alts riding on deep wave are also down. A 4.5% decline in 24 hours has pushed, Ethereum down to $1,900. Binance coin, Ripple, and Cardano have dropped by similar percentages. Solana, Polkadot, Avalanche and Polygon have evidential daily losses.

Binance Coin, Cardano, and Ripple have dropped by similar percentages.

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