Crypto Markets Lose $70B in 2 Days as These Altcoins Bleed Out (Weekend Watch)

18.11.2023 / Payment system news

Bitcoin is among the few digital assets with minor daily declines now, as most altcoins have charted notable price drops.

Avalanche leads the race once again with a massive 12% dump, followed by the likes of APT, LDO, FIL, NEAR, OP, and others.

Alts Dump Hard

Most altcoins were flying high until recently and registered impressive local peaks. However, the landscape has changed quite a bit now, and red dominates almost all charts.

Ethereum spiked to $2,100 following news that BlackRock had officially filed for a spot ETH ETF. Minutes later, though, the second-largest cryptocurrency started losing value fast and now trades $200 away from that local high.

Binance Coin, Tron, Ripple, Bitcoin Cash, Shiba Inu, Litecoin, and Toncoin are also down by around 2-3% in the past 24 hours alone.

More losses come from the likes of Solana, Cardano, Chainlink, MATIC, and DOT – declines of up to 8%. Avalanche has dumped the most from the larger-cap alts, having lost 12% of value and being close to breaking below $20.

Needless to say, the total crypto market cap has seen over $70 billion gone since the Thursday rally and is now down to way below $1.4 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

BTC Uncertain at $36K

The primary cryptocurrency led the rally on Thursday as it had surged by approximately $3,000 in a day. This culminated in a massive surge that pushed it to an 18-month high at $38,000.

As it happened during the previous attempt to overcome that level, though, the bears intercepted the move and didn’t allow any further increases.

As a result, bitcoin found itself losing a substantial chunk of value in hours and dipped below $36,000 later that day. It started to recover some ground on Friday but was halted in its tracks and currently trades just inches above $36,000.

Its market cap has remained at $709 billion, but its dominance over the altcoins has soared to 51.7%, as most of them have declined a lot in the past 24 hours.

BTCUSD. Source: TradingView

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