Thursday, May 19, 2022

The entire crypto market loses $100 billion as bitcoin and other altcoins see red.

The Takeaway:

The entire cryptocurrency market cap is down by roughly $100 billion in a day as bitcoin and other altcoins took a dive south.

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The leading cryptocurrency Bitcoin’s adverse price movements continue with the asset sliding below $42,000. Most of the altcoin space is even more gloomy, with significant losses from Ethereum, Binance Coin, Avalanche, MATIC, LUNA, ATOM, and others. It’s safe to state that the past week didn’t go all that well for the primary cryptocurrency. 

 

BTC bears tightened their grip on the market.

On January 15th, bitcoin spiked to just shy of $44,000 after an impressive leg up. However, it failed to breach that level as the bears tightened their grip on the market. As reported earlier, Bitcoin first dropped to $43,000 hours later, before another price dump took it to around $42,000. While bitcoin remained there for a while, and it seemed that it could hold on to that level, the bears pushed it south once more. In the following hours, BTC dropped to around $41,500, which was a weekly low. The cryptocurrency bounced off initially to above $42,000 but failed again and currently sits around that level. As a result of this, its market capitalization has declined below $800 billion.

 

Major altcoins lose significant value.

Major altcoins were also harmed in the past several days. Ethereum traded above $3,400 last week before the market-wide correction started to drive it south. In the past 24 hours alone, ETH has lost more than 4% and now sits at just over $3,100. Binance Coin has declined by a similar percentage and struggles to remain above $460. More losses come from Cardano, Solana, Ripple, Dogecoin, Avalanche, Shiba Inu, CRO, and Polkadot. The situation with Terra, Polygon, NEAR Protocol, Chainlink, and ATOM is even more extreme as most are down by double-digits. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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