Bitcoin plunge persists, red dominate as over $300bn disappears from crypto market

Key Takeaways:

• Bitcoin has dropped to its lowest price since September at $40,500.
• Bears continue to dominate in crypto market.
• Altcoins are also plunging at even a faster rate than Bitcoin.

The crypto market over the past few days has continued to go from bad to worse as over $300B disappeared from the market in the past three days, with Bitcoin going as low as $40,500 in that time frame.

Bitcoin’s price movement continued to drop over the week bottoming at a three-month low beneath $41,000. Most altcoins are in a similar position today, and the overall losses from the past three days grew to $300 billion.

Bitcoin’s drop to $40,500

As events unfold for Bitcoin, the community hopes the flagship cryptocurrency begins to see better times very soon. Days back, Bitcoin was struggling to get above $50,000 again, only to drop sharply.

The bears took complete control over the past 72 hours dumping BTC by $4,000 before another drop drove the asset below $42,000 on Friday. On Saturday, the flagship cryptocurrency consolidated at $42,000 for a while but not long after it fell to $40,500, which became the lowest price line since late September 2021.

At press time, the cryptocurrency has recovered some ground and stands approximately $1,000 higher. Nevertheless, its market capitalization is still below $800 billion.

Altcoin continue to reek of red

As Bitcoin price plummeted, so did altcoin also. It is safe to say altcoins have even suffered more.

Ethereum stood above $3,800 days ago, but now it’s just over $3,100 after another 3% decline since yesterday.

Binance Coin is down by 5.5% and struggles at $430. Solana (-4%), Cardano (-6%), Ripple (-3.5%), Polkadot (-5.5%), Terra (-1%), Avalanche (-5.5%), Dogecoin (-4%), Shiba Inu (-5%), and MATIC (-6%) are also deep in red.

Yesterday’s best performer, Chainlink is the only larger-cap alt that has endured this market correction without substantial losses.

Lower-cap altcoins suffered more losses with Fantom (-12%), Oasis Network (-11%), Helium (-11%), NEAR Protocol (-11%), Zcash (-10%), Ravencoin (-10%), Gala (-10%), Loopring (-10%), and many others.

Ultimately, the crypto market capitalization is down to $1.950 trillion, indicating that the market has lost roughly $300 billion since the correction started three days ago.