The panorama within the cryptocurrency market continues to look dim, with bitcoin falling to beat $55,000. The altcoins additionally wrestle as Ethereum is near breaking beneath $4,000, whereas Polkadot dumped by one other 6% in a day.

Bitcoin Suffers Below $55K

It’s protected to say that bitcoin has seen higher days, which weren’t all that way back. The cryptocurrency challenged the coveted $60,000 mark on Friday earlier than a sudden value dump, maybe prompted by fears of a brand new COVID-19 variant, drove it south arduous.

In only a matter of minutes, the asset misplaced greater than $6,000 of worth and bottomed at $53,500, inflicting practically $400 million of liquidations in an hour.

This grew to become essentially the most extreme value crash since September. Since then, BTC has tried to recuperate some floor and even exceeded $55,000 on a couple of events however was stopped in its tracks.

As of now, bitcoin trades simply over $54,000, and its market capitalization is near dropping beneath $1 trillion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Red Again

Similarly to bitcoin, most various cash have suffered severely previously few days. Ethereum, for instance, traded above $4,500 earlier than the correction drove it south to below $4,000.

After an unsuccessful try to problem $4,200, the second-largest crypto is now barely over $4,000.

The remainder of the larger-cap alts are in an identical situation. Binance Coin (-3%), Solana (-4.5%), Cardano (-4%), Ripple (-4%), Dogecoin (-3.5%), Avalanche (-4%), and CRO (-4.5%) are all in pink.

Polkadot has misplaced essentially the most worth in a day. Another 6% dump has pushed DOT to $33.

The cryptocurrency market capitalization is simply over $2.5 trillion on CoinGecko. This signifies that it’s down by greater than $500 billion in a couple of weeks because it exceeded $3 trillion for the primary time.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

 

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