The dire market conditions for all cryptocurrencies continue and have even worsened in the past few hours, as bitcoin dumped to another multi-month low of around $57,000.
The altcoins have followed suit with massive losses, and the total market cap has lost well over $200 billion in the past 36 hours or so.
Where Is Bitcoin’s Bottom?
A lot can change in the ever-volatile cryptocurrency space in the span of a few days. Focusing only on the past few days, we can see that bitcoin’s price headed toward $65,000 on Monday morning but failed to overcome that level, and the following 36 hours have been quite brutal.
It all began with an immediate price drop to $62,000. That was no surprise, as the asset had fallen to that level on a few occasions in the past month. However, another decline followed that drove the primary cryptocurrency to a two-month low of $59,100, as reported last night.
After a brief pump, BTC headed straight south again in the past 1-2 hours. This time, the bears pushed it down to just over $57,000 as of now, which is the lowest price tag since February 28. The latest nosedive comes on the heels of the upcoming US FOMC meeting, which is something that typically leads to lots of volatility in the market.
BTC is currently 9% down on the day and 14% lower than this time last week. Its market capitalization has plunged to $1.130 trillion on CG, while its dominance over the alts stands tall at 50.5%.
Bitcoin/Price/Chart. 01.05.2024. Source: TradingView
Alts in the Red Sea
It’s no surprise that most alternative coins have followed BTC on the way down. Ethereum stood above $3,200 after the Hong Kong spot ETFs went live yesterday but has plummeted by more than $300 since then to under $2,900. Binance Coin lost the $600 level and is now down to $550.
Even more daily losses are evident from SOL, DOGE, TON, SHIB, AVAX, BCH, NEAR, and many others, who have plunged by double digits.
The total crypto market cap has slumped to $2.240 trillion. This means that the metric has shed over $200 billion since Monday morning, and it is at its lowest since February as well.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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