Bitcoin and altcoins alike, the entire crypto space takes a beating, losing $350 billion in market cap in just 48 hours.
As a result, the market cap is just around 1.2 trillion today, the lowest it has been since the start of the year.
Bitcoin price dropped below $30k due to the fud caused by China‘s recent crypto crackdown movements. As it usually is the case, the other coins also dipped in response to that.
Altcoins Suffer Double Digit Losses
The crash seems to have hit the alternative coins pretty hard as all the major ones seem to be in the red by double digit percentages.
Here is a chart on Quantify Crypto that shows all the major cryptocurrencies with their daily changes in value as of Tuesday:
The entire crypto market is shook | Source: Cryptocurrency Price Heatmap on Qunatify Crypto
Ethereum (ETH) is down almost 12% to $1753. Only a week ago, ETH was above $2600.
The third largest coin by market cap is Binance Coin (BNB), and it’s floating around $237 right now. Thus, it has fallen off by 23%.
Dogecoin (DOGE) has suffered a loss of 25%, one of the biggest decrease on the map. It has gone down to about $0.17.
Here is a quick rundown of the other major altcoins:
Cardano (-21%), XRP (-23%), Polkadot (-22%), Uniswap (-18%), Bitcoin Cash (-18%), Litecoin (-19%), and ChainLink (-18%).
During the $350 billion market cap drop in the past couple of days, Bitcoin actually gained more dominance with an increase of about 1.28% in the last 24 hours.
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Over the last 7 days, however, BTC has dropped in market cap by about 18%.
Bitcoin’s price has dropped below $30k for the first time since January. This means it has lost over 9% in value over the past 24 hours.
Also, it’s year-to-date return has fallen down to just 3%, when only yesterday it was riding over 10%.
Here is how its market cap has changed over the period of a few months:
BTC's market value fluctuations since February 2021 | Source: Market Cap BTC on TradingView
The latest Bitcoin crash came after China’s continued attempts at shutting down major mining hubs around the country.
As a lot of the Bitcoin hashrate resides on China, the movements of the BTC owned by miners caused a domino effect on the entire market.
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Altcoins followed from there and their value fell as well. The effect on the total global cryptocurrency market cap can be seen in this chart:
The global cryptocurrency market cap is down more than $200 billion in the last 24 hours | Source: TradingView
As per this chart, the market cap fell by more than $400 billion in the past week. Of which, $224 billion was lost in just the past 24 hours.