Crypto Market Slump: Over $90 Billion Lost in Two Days as Bitcoin Dips Below $28K:
In the past week, the price of Bitcoin has continued to drop, and it has now fallen below $28,000. This is the lowest it has fallen since April 9. The altcoins are also experiencing significant losses, with the overall market value decreasing by nearly $90 billion. Market watchers were left in awe as a staggering $90 billion evaporated from the market in this short span of time. This article delves into the highs and lows of this turbulent journey, shedding light on some of the factors contributing to this rollercoaster ride.
Bitcoin Slides Under $28K
Volatility has once again emerged in the crypto markets. Traders were left in disbelief as Bitcoin, one of the leading cryptocurrencies globally, experienced a significant decline. Bitcoin remained stable over the last weekend but experienced a drop on Tuesday, decreasing by $1,000 to reach $29,100.
The bulls intercepted the move and pushed the asset north, allowing it to reclaim the $30,000 line. Shortly after, the landscape changed as BTC rapidly decreased by $1,000 in just a few minutes. The price dropped below $28,000 for the first time in nearly two weeks. Despite being able to recover some funds, it is still facing difficulties in maintaining a value of $28,000. The value decreased by approximately 3% as of April 22 and by more than 8% over the course of the week.
Just days after reaching a market capitalization of $600 billion, it is now struggling at below $550 billion. Although its dominance over other cryptocurrencies has improved slightly, it remains below 46%.
Like Bitcoin, many alternative coins have had a rough past few days. Last week, Ethereum reached an 11-month high following the Shapella update. However, it has since decreased by over $200. Currently, the second-largest cryptocurrency is facing difficulty in maintaining a value above $1,900. Ripple, Cardano, Polygon, Solana, Polkadot, Litecoin, Shiba Inu, and Avalanche have experienced losses of up to 5% in a day and are currently in the red. The value of Dogecoin has decreased by 8.5%, which could be attributed to its association with Elon Musk. Some attributed this to the recent report about the rocket from Starship exploding shortly after takeoff.
The crypto market cap has fallen below $1.2 trillion, with several mid and lower-cap altcoins such as ICP, NEAR, and GRT experiencing significant losses. In the past few days, the metric lost approximately $90 billion.
Takeaways
As the crypto markets endure a turbulent period, investors and traders are still holding on tight, bracing themselves for the sharp twists and turns. The $90 billion loss in just two days and Bitcoin slipping below $28,000 sent shockwaves through the crypto community. Yet, amidst the chaos, the innovative potential of blockchain technology and the resilience of cryptocurrencies shine through.
