The cryptocurrency market cap is down by $100 billion in two days as bitcoin dropped to a weekly low of $38,000.
After several consecutive days of riding high, bitcoin has reversed its trajectory and lost more than $4,000 of value. Most alternative coins have followed suit, with the total cryptocurrency market cap dropping by about $100 billion since Sunday.
Bitcoin Slides to $38K
Following the Friday retracement to $38,300, bitcoin went on a tear during the weekend and went to $42,400 first before initiating another leg up to $42,600. The latter became BTC’s highest price tag since the mid-May crash.
At this time, the asset had added about $13,000 of value since July 20th. However, the bears regained control and pushed it south. Firstly, bitcoin dipped below $40,000 as reported yesterday, but that was not the end.
Since then, BTC kept declining and earlier today dropped to $38,000 (on Bitstamp), which became its lowest level since July 27th.
As such, the cryptocurrency’s market capitalization has decreased to about $720 billion after touching $800 billion on Sunday. Its market dominance has remained above 46%, as most of the altcoins are in the red as well.
Alts Bleed Out Too
The alternative coins enjoyed the weekend as well but are in red for a second consecutive day. Ethereum went to a new seven-week high of $2,700 but has lost over $200 of value since then. As a result, ETH currently stands below $2,500.
Binance Coin also performed rather well and touched $340. As of now, though, BNB is down to $320 after another 4% decrease on a 24-hour scale.
Cardano (-3.5%), Dogecoin (-4.4%), Bitcoin Cash (-3%), and Litecoin (-5%) are also in the red. Furthermore, Ripple (-5.5%), Polkadot (-6.2%), and Uniswap (-6.2%) have lost even more value since yesterday. Chainlink is the only larger-cap alt that has remained at the same level.
Cryptocurrency Market Overview. Source: Quantify Crypto
Decred leads the adverse trend from the lower-cap altcoins with an 11% slump to $130. Telcoin (-10%), Amp (-9%), DigiByte (-9%), Siacoin (-8%), and XDC (-7%) are next.
Although some tokens, like VGX, STX, RUNE, and EGLD, are in the green, the total crypto market cap has suffered in the past few days. The metric has lost more than $100 billion in this timeframe and is down to $1.550T now.