Bitcoin Dipped to $41K as Crypto Markets Shed $100 Billion in a Day (Market Watch)

Bitcoin continued to lose value in the past 24 hours and dipped toward a five-day low of under $41,000. The altcoins are also in the red once more with substantial price losses from Ethereum and Solana, while ATOM is the only one in green again.

Bitcoin Slipped Below $41K

On February 28, bitcoin initiated its largest daily green candle in over a year by surging by about $6,000 and touching $45,000 after the US and most other Western nations said they will not get involved in the Russia-Ukraine war directly.

After that, BTC even spiked above the aforementioned line briefly and registered a new 3-week high. However, it failed to conquer that level decisively as the bears returned to the scene.

In the following days, the cryptocurrency started to lose value gradually, resulting in a price drop below $41,000 hours ago. As of now, the asset has reclaimed some ground and stands above that level, but it’s still down by approximately 4% on a 24-hour scale.

Consequently, its market capitalization has slipped beneath $800 billion. It’s worth noting that the metric touched $850 billion just a few days ago.

BTCUSD. Source: TradingView

Altcoins Heading South

The alternative coins also charted new monthly highs earlier this week, but most have reversed their trajectories, mimicking BTC’s performance.

Ethereum is a prime example. The second-largest crypto shot up from $2,200 to over $3,000 in days, but the subsequent rejection drove it south by around $300.

Solana has lost the most from the larger-cap alts following a 7% slump. Consequently, SOL now stands at $90 after exceeding $100 yesterday. Binance Coin, Ripple, Cardano, Avalanche, Polkadot, Dogecoin, Shiba Inu, and MATIC are also in the red.

More losses come from Humans AI (-9%), Convex Finance (-9%), Helium (-8%), Uniswap (-7%), Amp (-7%), and Radix (-6%).

Ultimately, the cumulative market capitalization of all digital assets dropped by approximately $100 billion in a day to $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto