$60 Billion Disappears from Cryptocurrency Markets as Bitcoin Drops to Weekly Lows: Market Update

Bitcoin’s declines persisted over the weekend, causing the asset to drop below $28,000 for the first time in approximately a week.

The altcoins are experiencing similar difficulties, with MATIC, SHIB, XRP, and AVAX suffering significant losses among the larger-cap altcoins.

Bitcoin Falls to $28K

The increased volatility observed last week peaked with a price rise to just below $30,000 on Friday evening. While the bulls were gearing up to finally breach that threshold, the bears emerged and prevented any further gains.

In fact, bitcoin began to lose value swiftly, falling below $28,500 on Saturday. Sunday was relatively uneventful, with BTC hovering around $29,000 for the majority of the day.

However, as the weekend drew to a close, the situation deteriorated once again. This time, bitcoin dropped by another significant amount, falling below $28,000 to record its lowest price in about a week.

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The asset continues to struggle to regain that level. Its market capitalization has decreased to $540 billion, with BTC down 3.5% for the day. Its dominance over the altcoins remains relatively stable at 47%.

BTCUSD. Source: TradingView

Altcoins Experience Losses

As is often the case when BTC declines, most altcoins follow suit. Ethereum has mirrored bitcoin’s price drop, now sitting at $1,850. Binance Coin, Cardano, Dogecoin, Solana, Tron, and Litecoin have all seen declines of approximately 3-4%.

Additional daily losses are apparent from Polygon, Ripple, Shiba Inu, and Avalanche among the larger-cap altcoins, which have dropped by 5% or more.

Further declines are noted for NEAR, APB, LDO, ICP, FTM, and HBAR, which are down by 6-7%.

Overall, the total cryptocurrency market capitalization has fallen to $1.115 trillion on CMC. Consequently, this metric has decreased by $40 billion in a single day and $60 billion over the past two days.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.