The cryptocurrency market capitalization lost $200 billion within a week as BTC and all alts hovered in the red on Saturday.
Bitcoin extended its latest plummets over the previous 24 hours, and the leading crypto hit 17-day lows near $42K. Most assets in the alt market also stay in deep red, with massive large-cap drops coming from Solana, Avalanche, Dogecoin, Cardano, and Terra.
BTC Tested $42,000
Bitcoin struggled to overcome $47,000 some days ago and spiked beyond the area two times within 48 hours. Nevertheless, bears emerged from their hidings and prevented further surges for the leading cryptocurrency.
Both attempts met rapid rejections, but the 2nd one encountered a more intense correction. The first move had Bitcoin slumping towards $45,000 before crashing further to explore levels around the $43K value area.
BTC rebounded from the level to climb towards $44K. However, the bounce-off turned out to be a ‘fake breakout,’ and the crypto went southward again. That translated to a drop towards the $42K some hours ago, which meant the lowest price level since 23 March.
While publishing this blog, BTC traded at $42,503.69, dumping 2.82% over the past day. Meanwhile, the crypto’s market cap dropped to $800 billion.
Alts Turn Red
The altcoin market went red today as BTC battled downtrends. Ethereum is among the alts with modest losses, dropping 1.5% over the past day. That had the second-largest crypto by value slumping to $3,200. Remember, Ethereum touched 3-month peaks beyond $3,500 a few days ago.
Ripple, Binance Coin, CRO, Shiba Inu, and Polkadot lost less than 5%. On the other side, Dogecoin, Avalanche, and Cardano lost over 5% over the previous day.
Solana lost 9% to struggle near $110 after losing the $130 mark early on the week. Terra’s LUNA suffered most, crashing over 10% within a day to hover beneath $95. That follows the $200M Avalanche (AVAX) token swap.
The crypto market capitalization dropped by $200 billion within four days. That way, the metric declined beneath the sought-after $2 trillion. Remember, the crypto market value has hovered above this level since late March.
