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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Market Cap Falls By $80 Billion In A Day As Bitcoin Dumps Below $40K

Bena Ilyas
Bena Ilyas
8 months ago
2 mins read
Crypto Market Cap

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The crypto market cap declined by about $80 billion today as Bitcoin dropped to a monthly low beneath $39,000.

The crypto markets are on another roller coaster ride today, with bitcoin slipping below $40,000 and many altcoins dumpings as well. Ethereum has taken it on the chin losing over 5% of its value to sit at just under $3,000 per coin. Other altcoins like Terra, Ripple, Solana, Cardano and Polkadot also had substantial price losses. 

Related Reading | TA: Ethereum Slides Below 3K, Why Bears Could Aim $2.5K

Altcoins Enter The Red Sea As Bitcoin Drops

With little-to-no substantial price movements for most of this week, today is a different day for altcoins. The market has been tumultuous, and prices are swinging back and forth throughout the day. As a result, most altcoins are recorded in red with the day started. 

The price of Ethereum has continued to drop, now below $3k for the third time this month. The cryptocurrency is leading an adverse trend, with other coins following suit and falling by almost 5%.

The Binance coin struggled to maintain its position at around $400 after a 3.5% decrease in the last 24 hours. However, things are starting to look up for this cryptocurrency as of late Sunday evening, when prices were close to $420 per coin.

Today, the big movers are Cardano with a 7% decrease and Ripple 6% decrease. Some other notable tokens are Shiba Inu, whose value dropped 6%, Polkadot, with a 7% decline over the last 24 hours, and Dogecoin declined 6%.

The cryptocurrency market has been rough today, with many coins losing 10% or more. The biggest losers include KNC (-11%), Filecoin (-11%), ZILIQA (-10%). Others, including EOS and STEPN, both lost 10% of their value today. 

Eventually, The crypto market cap is down $80 billion and now sits at $1.8 trillion.

Market Cap
Crypto Market cap is recovering after hitting its month low of $1.75 trillion | Source: Crypto Market Cap by Tradingview.com

Bitcoin Falls To Monthly Low

Bitcoin found itself in the headlines this past week, as it fell from $45,000 to around $40,000. The cryptocurrency had relaxed for much of last night above $40,000 and even took a swing at $41,000. 

Although bitcoin held onto its value above $40,000 over the weekend, the bears came out in force and pushed prices below $40,000 for the second time in ten days.

Related Reading | Bitcoin Traders Long The $39K Dip, Will BTC Head In Expected Direction?

In today’s dump, Bitcoin fell by $38,600, the lowest price mark since March 16. Bitcoin has risen a few hundred dollars after falling to its month low, but its market capitalization is still below $750 billion. 

The price of bitcoin has been tightening in recent months. However, a capitulation event, where traders are predicting a downward trajectory for the cryptocurrency’s value, could be brewing at any time.

 

                Featured image from Pixabay.com and chart from Tradingview.com
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Bena Ilyas
Bena Ilyas

Bena Ilyas

Benna Ilyas is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2021. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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