Crypto Markets Down $250B Weekly: BTC Plunged Below $42K (Market Watch)

Bitcoin was rejected at $43,000 once again, and the bears pushed the asset to and below $42,000. Most altcoins are also deep in the red, with ETH close to $3,100. The total market cap is down to just over $1.9 trillion.

Bitcoin Tests $42K

It was just a week ago when the primary cryptocurrency was attempting to overcome $47,000 but failed on both occasions. Just the opposite, the asset started to lose value gradually and slipped to $45,000 a day later.

The bears kept control over the market and pushed it south again. At first, BTC dropped to $44,000 before it plummeted to $43,000, which became its lowest price point in more than two weeks.

In the following few days, bitcoin remained stuck between $43,000 and $44,000. However, its inability to climb above the latter meant more trouble. This time, it fell to $42,000 as reported yesterday.

It bounced off hours later and briefly exceeded $43,000, but the bears came back to play and drove it south below the January 2021 ATH of $42,000, where it’s currently situated as well. As such, its market capitalization has slid below $800 billion for the first time in nearly three weeks.

BTCUSD. Source: TradingView

Altcoins Back in Red

The altcoins calmed yesterday after the recent price declines, but the past 24 hours spelled more trouble. Ethereum is down by 4% on the day and sits just above $3,100. It’s worth noting that ETH jumped above $3,500 to a three-month high last week.

Binance Coin, Solana, Dogecoin, Shiba Inu, and CRO have retraced by similar percentages, while Ripple and Cardano are down by more than 5%.

More losses are evident from Terra (-9%), Avalanche (-7%), Polkadot (-8%), and NEAR Protocol (-8%).

The cumulative market cap of all crypto assets is down to just over $1.9 trillion, meaning that the metric has shed $250 billion in about a week.

Cryptocurrency Market Overview. Source: Quantify Crypto