Bitcoin Price Back Down as Crypto Market Cap Sheds $160B

Another weekend starts with another adverse price movement for bitcoin as the asset dropped by several thousand dollars to below $31,000. The alternative coins are also deep in red, with ETH dumping below $1,800, and the total market cap has seen $160 billion gone in a day.

Bitcoin Plummets Below $31,000

It’s almost becoming a tradition for BTC to head south when the weekend starts. The cryptocurrency was actually looking healthy yesterday after it had recovered from the mid-week crash and traded above $35,000.

That was its highest price tag in four days, but the bears didn’t allow any further increases. Just the opposite, they brought the selling pressure, resulting in more price slumps.

In a matter of hours, bitcoin lost more than $3,000 of value and dipped below $32,000. Although it bounced off initially and recovered some losses, the bears kept the pressure on, and BTC dumped beneath $31,000, where it is now as well.

Bitcoin’s market dominance has remained high, but that’s just because the altcoins have suffered even worse. BTC’s market cap has declined below $600 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Red in the Altcoin Street

As it typically happens when there’s enhanced volatility with their leader, the alternative coins have performed even worse. Ethereum is a prime example of this. It dabbled with $2,000 for a few days, but a 9% drop has driven the second-largest cryptocurrency to well below $1,800.

Binance Coin, which was riding high above $310 days ago, is also well in red. On a 24-hour scale, BNB is down by 8% and currently stands around $270.

The rest of the larger-cap alts have also lost substantial chunks of value. Those include Cardano (-7%), Dogecoin (-10.5%), Ripple (-9%), Polkadot (-8.5%), Bitcoin Cash (-7%), Litecoin (-7%), and Uniswap (-10%).

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

Apart from Celo, which has pumped by 25% since yesterday, most of the lower- and mid-cap altcoins are also buried in red.

THORChain leads the adverse race with a 17% dump. Kusama (-16%), Curve DAO Token (-15%), ICP (-15%), BakeryToken (-14%), NEAR Protocol (-14%), Synthetix (-13%), Fantom (-13%), The Graph (-12%), Nano (-12%), and FTX Token (-12%) are just a few more reps of the double-digit price decline club.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost more than $160 billion in a day and is well beneath $1.3 trillion.

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