Read full article at CryptoPotato.

The situation in the crypto market worsened in the past 24 hours as bitcoin dropped below $60,000 for the first time since late October. Aside from a few exceptions, most of the altcoins bled out as well, with massive price dives from Binance Coin, Solana, Cardano, Terra, Litecoin, and more.

Bitcoin Sits Below $60K

Precisely a week ago – on November 10th – the primary cryptocurrency was riding high and reached a new record of $69,000. A lot can change in seven days in the cryptocurrency market, however.

Instead of challenging $70,000, the asset reversed its trajectory and dumped by several thousand dollars in hours. It calmed around $65,000 briefly and even jumped above $66,000 on Monday, but it was short-lived.

As reported yesterday, bitcoin plummeted to just over $60,000, thus losing $6,000 in a day. Since then, though, the situation has intensified even more, and the cryptocurrency dumped blow $60,000 for the first time since October 28th.

Moreover, BTC fell to $58,600 (on Bitstamp) before recovering several hundred dollars. As of now, it still stands way below $60,000, and its market capitalization is down to $1.120 trillion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red

The alternative coins have also suffered in the past few days. Ethereum is down by another 3.5% since yesterday and trades below $4,200. A week ago, the second-largest crypto saw a record of its own at nearly $4,900, but it’s down by more than $700 since then.

Binance Coin was also riding high amid the new projects getting launched on its platforms. The token surged to a six-month high above $650. Now, though, BNB is down to $560 after another $8.5% decline.

Solana, Cardano, Polkadot, Shiba Inu, Terra, Litecoin, Chainlink, Ripple, and Dogecoin are also deep in the red. In contrast, Avalanche and CryptoCom’s coin are the only two in the green from the larger-cap ones. AVAX is up by 6% to $96, while CRO’s 6.5% increase has driven it to $0.45.

The Sandbox and IOTA have also charted some gains in the past 24 hours, with SAND trading at $3.3 and IOTA nearing $1.4.

However, UMA (-16%), Livepeer (-15%), KuCoin Token (-13%), Zcash (-12%), PancakeSwap (-12%), ICON (-11%), VeChain (-10%), and more, are all in the red.

Thus, the crypto market cap is down by $100 billion once again to $2.7 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto

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

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.