Crypto Market Cap Slumped by $300 Billion Amid BTC, Altcoin Massacre: Market Watch
The metric had peaked at $3.9 trillion before it dumped to under $3.6.
Bitcoin faced another violent rejection at the six-digit entry mark, which pushed it south hard as the asset dumped toward $94,000 on Monday evening.
The altcoins crashed even harder, with numerous double-digit price losers, before they were able to catch their breath and recover some ground.
BTC’s Nosedive
CryptoPotato reported yesterday morning that BTC had fallen further away from the $100,000 level after surging past $101,000 on Sunday. Hours later, though, the asset breached into six-digit territory, but it was a short-lived move.
Although MicroStrategy announced another mindblowing bitcoin purchase, the cryptocurrency actually dumped hard in value and slumped by roughly six grand in hours. Thus, it plummeted toward $94,000 for the first time since last week’s leverage-induced crash.
Nevertheless, the asset managed to bounce off almost immediately and now sits above $97,000. This massive volatility harmed over-leveraged traders, with more than 500,000 such market participants getting wrecked on a daily scale. The total value of liquidated positions is up to $1.6 billion, according to CoinGlass.
For now, the BTC market cap has declined to $1.930 trillion. The silver lining is that its dominance over the alts has shot up to 53%, as most of them have suffered a lot.
Alts in Red
As mentioned above, many of the alts dumped harder than BTC, even though they have managed to bounce off their Monday evening bottoms. Still, some of the biggest losers on a daily scale include BRETT (-14%), WIF (-13%), WLD (-13%), EOS (-12.5%), GALA (-12.3%), SAND (-12%), and TAO (-12%).
Larger-cap alts like ETH, SOL, and BNB have dropped by around 3-4%. XRP dumped beneath $2 briefly during the crash, and even though it stands at $2.2 now, it is still 7% down on the day.
Numerous others posted violent declines over the past day, but here are those who stand the best chance to bounce off quicker, according to Santiment.
The total crypto market cap went from $3.9 trillion to well below $3.6 trillion before settling at just over the latter. Thus, the metric is down by $300 billion daily.
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