Crypto Markets Lose $70B in 2 Days as These Altcoins Bleed Out

With a loss of about $70 billion since Thursday, the overall value of all cryptocurrencies has fallen below $1.4 trillion.

Bitcoin is among the few digital currencies that has shown mild daily losses in price, in contrast to most altcoins which have witnessed large falls.

Avalanche regained its lead after a 12% drop, with a long list of competitors following closely after.

Alts Dump Hard

Not long ago, most cryptocurrency prices soared to unprecedented local highs. Red, however, is now the dominant hue on the charts, and everything has changed.

After news broke that BlackRock had officially applied for a spot Ethereum ETF, the price of Ethereum surged to $2,100. The value of the second-largest cryptocurrency, however, started to quickly fall minutes after that, and it is now trading $200 lower than that local high.

Values of Binance Coin, Tron, Ripple, Bitcoin Cash, Litecoin, Toncoin, and Shiba Inu have fallen by 2% to 3% in the past 24 hours alone.

The following organizations—DOT, Solana, Cardano, Chainlink, and MATIC—have also recorded price declines of up to 8%. With a 12% decline and a price hovering around $20, Avalanche has taken the worst hit of the larger-cap altcoins.

Needless to say, following Thursday’s gain, the combined market cap of all cryptocurrencies has lost about $70 billion, falling below $1.4 trillion on CMC.

BTC Uncertain at $36K

The leading cryptocurrency led Thursday’s rise with a daily gain of about $3,000. It reached its greatest peak in 18 months—above $38,000—as a consequence of the massive surge.

The bears performed what they did on the previous attempt to pass that level: they blocked the move and prevented any future increases.

The result was a precipitous decline in bitcoin’s value, which occurred within a few hours and continued throughout the day, eventually falling below $36,000. Its recent upswing was stopped short on Friday, and it is currently trading at slightly more over $36,000.

Its market worth remained at $709 billion, giving it a 51.7% lead, despite rival cryptocurrencies’ steep declines in the past day.

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