Crypto Markets Lost $80 Billion in a Day as Bitcoin Dumps Below $40K (Market Watch)

After a few days of consolidating above the $40,000 mark, bitcoin slipped below that level to a new monthly low. The altcoins are also deep in the red today, with ETH dumping beneath $3,000 and even more substantial price losses from Ripple, Solana, Cardano, Terra, and Polkadot.

Altcoins Enter the Red Sea

The past few days were rather calm in the altcoin market, with little-to-no substantial price movements. Today, though, the situation is mainly different.

Ethereum leads the adverse trend with a price decline of almost 5%. As a result, the second-largest cryptocurrency has dropped below $3,000 for the third time this month.

Binance Coin struggles at around $400 after a 3.5% daily decrease. Just until yesterday, BNB was close to $420.

More painful daily drops come from Ripple (-6%), Solana (-5.5%), Cardano (-7%), Terra (-5.5%), Avalanche (-6%), Polkadot (-7%), Dogecoin (-6%), and Shiba Inu (-6%).

Even more losses are evident from KNC (-11%), Filecoin (-11%), Waves (-10%), Zilliqa (-10%), EOS (-10%), STEPN (-10%), and others.

Ultimately, the crypto market cap has seen $80 billion evaporate, and the metric is down to $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Marks Monthly Low

Following last week’s enhanced volatility, in which bitcoin fell from $45,000 to around $40,000, the asset had calmed around the latter. As reported over the weekend, BTC stood just above $40,000 and even took a swing at $41,000 yesterday, but to no avail.

Just the opposite, the bears came out to play and pushed it south. As a result, bitcoin dumped below $40,000 for the second time in the past ten days and kept losing value.

This time, BTC dumped to $38,600 (on Bitstamp), which became the asset’s lowest price point since March 16. As of now, it stands a few hundred dollars north, but its market capitalization has declined to below $750 billion.

BTCUSD. Source: TradingView