Massive bloodbath as over $200bn wipes from crypto market

Key Takeaways

• Crypto market plunge persist till second day as over $200bn disappears.
• Bitcoin drops below $35,000, lowest price since July.
• Altcoins record double digit losses over the past 48-hours.

LAGOS (CoinChapter.com) – The crypto market continues to bleed out as Bitcoin (BTC) and altcoins continue to record significant price drops. The correction has persisted for more than one-day as it started on Friday and the entire crypto space is covered in red.

The dip experienced in the crypto market is not exclusive only to digital assets; prices in the US stock market also continue to dump. The three most prominent US stock market indexes are all in the red region over the past few days. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite declined about 5% last week and approximately by 2% on Friday alone.

Bitcoin price on free fall, drops below $35,000

On Thursday, BTC was cheered to hit $45,000 after it spiked by $1,500 in hours to hit $45,000. The fortunes of the number cryptocurrency have quickly reversed and it started to drop in value rapidly and dropped to a six-month low of $38,250, as reported on Friday.

Afterward, BTC began an attempt to surge again. It touched $39,000 but was faced with another rejection. BTC dumped by almost $4,000 again and reached its lowest price line since late July at $35,000.

Liquidation of the number one cryptocurrency is also close to $700 million on a 12-hour scale. BTC’s market capitalization is down below $700 billion with the current dump.

Altcoin in sea of red, loses more in crypto market

With altcoins, the dip remains worse over the past 48 hours. Ethereum traded above $3,100 on Thursday, but it’s down below $2,500 as of now. This comes after another 15% drop since yesterday.

Other top-altcoins have also recorded double-digit losses. Binance Coin (-20%), Cardano (-16%), Ripple (-14%), Solana (-20%), Terra (-30%), Polkadot (-23%), Dogecoin (-14%), Avalanche (-22%), MATIC (-20%), and many others.

More losses come from Theta (-30%), PancakeSwap (-28%), Gala (-26%), Harmony (-26%), Loopring (-25%), Theta Fuel (-25%), Oasis Network (-25%), Curve DAO Token (-25%), and others.

Ultimately, the cumulative crypto market has decreased to $1.6 trillion, having dropped by $200 billion in a day and $400 billion in two days.