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

By Jordan Lyanchev

Cryptocurrency Market Overview. Source: coin360.com

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.

Red Dominates the Altcoins

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.

Bitcoin Fails at Breaching $50K

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