Crypto Markets Lose $90B in 2 Days as Bitcoin (BTC) Loses $67K Level (Market Watch)

Bitcoin’s inability to conquer the $70,000 line has resulted in immediate selling pressure as the asset has fallen below $67,000 in the past few hours.

Altcoins are also in the red, with the total crypto market capitalization down to just over $2.4 trillion from a local peak of $2.5 trillion on Monday morning.

BTC drops below $67,000

After ending a very positive trading week last Friday, the major cryptocurrency calmed down over the weekend. It had soared from $62,500 last Monday to $69,000 on Friday before returning slightly to $68,000 on Saturday and Sunday.

Monday started on an even more bullish note as the asset jumped to $69,500 for the first time since late July. However, he was unable to continue his ascent and was quickly bounced before he had a chance to challenge for $70,000.

This led to immediate price drops that took it south to $66,600 yesterday. It tried to bounce back since then, but the bones continued to push it down, and the cryptocurrency is now trading well below $67,000.

Its market cap has dropped to $1.320 trillion on CoinGecko, but its dominance over the highs has increased to 54.8% from 54.5% yesterday.

Bitcoin/Price/Chart 23.10.2024. Source: TradingView Alts See Red

BTC’s rise in dominance during times of bitcoin corrections means only one thing: altcoins have it worse. Some of the lowest results for large amounts include SUI, APT, UNI and WIF. All of these have shed more than 5% in the last 24 hours.

Most of the remaining alternatives to the top 36 are in a similar state, but with slightly less painful drops. XRP, DOGE, LINK and AVAX are down around 3-4% each. ETH and BNB are down 1.5% to below $2,600 and $580, respectively.

The cumulative market capitalization of all crypto assets has dropped to $2.41 trillion in CG. That means the metric is down about $90 billion from Monday’s peak.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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