Credit: Original article published by CryptoPotato.

The highly volatile nature of the crypto market was displayed again in the past 24 hours, with bitcoin leading the race with a massive drop of $11,000. Most alternative coins have also joined the ride south, and the crypto market cap has lost more than $260 billion in a day.

Bitcoin Slumps to $50K (Again)

The “no boring days in crypto” narrative received more confirmation in the past 24 hours, but this time in a negative light. Bitcoin had just painted its latest all-time high above $58,400, and as it seemed quite bullish for the asset, the situation changed in a matter of hours.

BTC headed south vigorously and lost over $11,000 of value to an intraday low of $47,500. Shortly after this massive drop, the bulls took charge and drove the cryptocurrency back to $55,000.

However, bitcoin couldn’t sustain its recovery and dipped below $50,000 once more. At the time of this writing, the primary crypto has regained some traction and currently sits just above the coveted $50,000 mark.

Ultimately, BTC’s market capitalization has lost more than $100 billion in a day and has dropped well beneath the $1 trillion level.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in a Sea of Red

As it typically happens during a sharp correction, most alternative coins have it even worse than their leader. Ethereum has decreased by over 15% on a 24-hour scale to $1,600. Just for reference, the second-largest crypto painted a new ATH during the weekend at above $2,040. As such, ETH is down by more than $400 in a few days.

Binance Coin, which also surged to new record levels around $350 lately, has plummeted to $235. Polkadot (-8%), Cardano (-5%), Ripple (-12%), Litecoin (-15%), Chainlink (-17%) are also well in the red from the top ten.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from Dodo (-25%), Elrond (-24%), Siacoin (-23%), IOST (-23%), 1inch (-23%), Ontology (-22%), Aave (-20%), Curve Dao Token (-20%), Waves (-20%), BitTorrent (-20%) and more.

Consequently, the cumulative market capitalization of all cryptocurrency assets has plummeted by more than $260 billion to $1.5 trillion.

Crypto Market Cap. Source: CoinMarketCap

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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