The adverse price movements in the cryptocurrency space are yet to end, as bitcoin slumped to a new 18-month low beneath $25,000. The altcoins are in a state of freefall as well, with many of them charting more double-digit price losses. This resulted in a massive decline in the total crypto market cap, which dipped below $1 trillion today.
The US inflation news (record-breaking 8.6% YoY increase) released on Friday started a downturn for bitcoin, which initially dropped from $30,000 to $29,000 in hours.
However, what unfolded (and continues to transpire) in the following few days is significantly more violent. Bitcoin’s freefall intensified with the asset dropping to $27,000 on Saturday and $26,000 on Sunday, causing over $500 million in liquidations for two days straight.
The latest price dump came hours ago when BTC slumped beneath $25,000 and plummeted to an intraday low of $24,500. This is the lowest price position the cryptocurrency has seen since December 2020.
Being more than 10% down on the day means that its market capitalization has gone deep below $500 billion. The only positive news now is that BTC’s dominance over the altcoins has remained high above 47%, as they have suffered even more.
BTCUSD. Source: TradingView
As it typically happens when BTC heads south hard, so do the alternative coins. Most were well in the red during the weekend, but they have kept plunging on a daily scale.
ETH continues to see new lows. It stood above $2,000 a week ago but has lost over $700 since then and trades well below the 2018 ATH now. A 15% daily decline has pushed the second-largest crypto below $1,300.
BNB is down by 11% in a day and sits at $230, while XRP (-10%) is at just over $0.3. Cardano, Solana, Polkadot, Dogecoin, TRON, and Shiba Inu have all dropped by double digits as well.
Even more losses are evident from NEXO (-27%), Fantom (-23%), Curve DAO Token (-21%), Kava (-18%), STEPN (-18%), Waves (-17%), THORChain (-17%), and many others.
Ultimately, the cumulative market capitalization of all cryptocurrency assets dipped below $1 trillion for the first time in over a year. The metric has seen $300 billion gone in the past several days.
Cryptocurrency Market Overview. Source: Quantify Crypto
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