• The total crypto market cap has dropped by $40 billion in a day.
• Bitcoin fell from its multi-month peak of $32,000 to just over $30,000.
• Most altcoins have also seen significant losses with XRP, SOL and BCH dropping by more than 5%.
Crypto Market Cap Drops by $40 Billion
The total crypto market cap is down by $40 billion in a day. This further confirms the downward trend that the market has been on for the past few weeks.
Bitcoin Falls to Monthly Low
Bitcoin registered its most impressive price surge two weeks ago when Ripple won a minor victory in court against the SEC. However, after this initial surge, BTC began to slump and it fell back down to just over $30,000 in the next few days. Yesterday bitcoin plummeted even further to a monthly low at just under $29,000 resulting in millions of liquidations.
Altcoins Also Bleeding Out
Most altcoins are bleeding out just as badly as BTC if not worse with XRP, SOL and BCH all dropping by more than 5% within 24 hours. The current bearish sentiment across the board makes it hard for any coins to make any gains or remain stable let alone increase in value within such short periods of time.
Market Struggling To Remain Stable
It seems like the overall crypto market is struggling to remain stable and consolidate around certain levels after big events or news headlines fade away quickly without lasting effects on prices. As soon as one coin dips another follows suit which could be indicative of an overall weak market sentiment that could take some time before recovery sets in motion again fully.
Crypto Market Remains Volatile
The volatility of the cryptocurrency markets remains high especially over shorter periods of time where large swings can occur quite often and rapidly without warning or clear reasons behind them other than speculation or fear of missing out on profits or avoiding losses respectively