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.
Bitcoin price as it continued to plunge over the past days. Credit: TradingView.com
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.
Altcoins market continue to reek over the past days. Credit: QuantifyCrypto.com
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.
Muhaimin is a writer who enjoys informing and analyzing happenings in the crypto and finance world to people.
He is also a believer in the many prospects of blockchain and crypto technology.
Muhaimin has been active in the crypto space for four years now and still overwhelmed by the continued development and innovation crypto has brought and would bring in future.
Bitcoin price is slowly moving lower below $23,200. BTC/USD could start another increase if it remains stable above the...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.