Crypto Markets Lose  Billion in 2 Days as Bitcoin Drops Below ,000 (Market Watch)

Crypto Markets Lose $60 Billion in 2 Days as Bitcoin Drops Below $16,000 (Market Watch)

Bitcoin took another turn for the worse and fell below $16,000 to mark a new two-year low.

Most alternative coins also fell yesterday, with ETH slipping below $1,100. Chainlink and Litecoin are among the few exceptions in the green.

Bitcoin unloads again

The end of last week was uneventful for the major cryptocurrency, which tried to break above $17,000 a few times but to no avail. The weekend was accompanied by an absence of volatility, with the asset standing at $16,600 for two consecutive days.

However, the landscape started to change on Monday when BTC slipped to $16,000. As the day progressed, however, bitcoin fell further to just over $15,500. This became its lowest price in about two years.

In addition to leaving millions of dollars in liquidations, the latest bitcoin price crash has driven many whales into a state of unrealized losses, according to Glassnode.

Currently, bitcoin’s market capitalization has fallen to $300 billion, with BTC sitting a few hundred dollars above its multi-year low. Its dominance over altcoins has remained at just under 39%.

BTCUSD.  Source: Trading View
BTCUSD. Source: Trading View

ETH Below $1.1K, Market Cap Suffers

The second largest cryptocurrency has also lost a substantial portion of its value over the past 48 hours. It traded above $1,200 on Sunday, but fell below that level yesterday and continued to dive to mark its own multi-week low below $1,100.

Binance Coin, Cardano, Dogecoin, Polygon, Polkadot, Shiba Inu, and Tron are also seeing minor daily declines. Rippe is among the few exceptions among the top 10 crypto assets.

Litecoin and Chainlink also saw gains in the past 24 hours. Both assets are up around 3% and are trading at $62 and $5.9 respectively.

However, most low- and mid-cap alts also suffer. As a result, the crypto market cap has fallen to $780 billion, meaning the metric has lost $60 billion in the past two days alone. Moreover, the market capitalization has fallen by almost $300 billion since the start of the FTX collapse two weeks ago.

Presentation of the cryptocurrency market.  Source: Quantify Cryptography
Presentation of the cryptocurrency market. Source: Quantify Cryptography

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Cryptocurrency charts by TradingView.

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