Markets
Crypto markets lost $80 billion in hours as Bitcoin (BTC) fell below $69K (weekend watch)
History does not rhyme, but it tends to repeat itself, something that has been happening in the crypto industry in recent weeks.
In this case, bitcoin and the rest of the market fell sharply on Friday night, similar to the events of the previous one.
BTC Friday Drop
It was last Friday that the primary cryptocurrency tested $69,000 but failed and the subsequent rejection pushed it south by over two thousand dollars. The weekend was quite calm, as the asset recovered some ground and remained at around US$67,500.
More gains occurred on Monday when BTC briefly surpassed $70,000. Despite missing early on, he ricocheted past that line on Tuesday. In fact, it is stood above him for several days in a row and even painted a multi-week high of $72,000 on Friday.
However, as mentioned above, Friday’s scenario repeated itself and bitcoin was stopped at the $72,000 level. The bears took it sharply south, and the cryptocurrency thrown away for a multi-day low of $68,500. It has recovered some ground and is now above $69,000, but is still down 2.7% on the day.
BTC’s market cap fell to $1.366 trillion, but its dominance over alts increased to 50.8% as they suffered even more.
Bitcoin/Price/Chart 08.06.2024. Source: TradingView
Alts see red
As suggested above, the scenario with altcoins is in a worse state. Ethereum is down 3.5% and is below $3,700, BNB has gone from over $710 to under $690, while SOL has plummeted almost 6%.
Even more losses come from companies like Dogecoin (-8.5%), Avalanche (-7%), Chainlink (-7%), Polkadot (-8%), NEAR (-8%), UNI (-7%) , and MATIC (-8%).
FIL is the only notable gainer, while WIF, ARB and FET are down double digits.
The cumulative market capitalization of all crypto assets has seen more than $80 billion disappear since yesterday’s peak. As such, the metric has dropped below $2.7 billion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.