Cryptocurrency market cap drops below $2 trillion, Bitcoin slips to $42,000
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Answer Cryptocurrency market cap drops below $2 trillion, Bitcoin slips to $42,000
Bitcoin continues to record declines.
In the last 24 hours, the asset fell to a 17-day low at around $42,000.
Currently, most altcoins are also deep in the red, with most losses coming from Terra, Solana, Avalanche, Cardano and Dogecoin.
Bitcoin tests the $42,000 level:
It was only a few days ago when Bitcoin was struggling to recover the $47,000 level and rose twice above that level in the space of 48 hours.
But the bears did not allow any further increases.
Both attempts were quickly rejected, but the second was met with a more violent correction.
Initially, Bitcoin dropped to $45,000 before going further and back down to $43,000 and then the current $42,000.Read:China’s central bank begins its first trial phase to launch the awaited new digital currency
As of the time of the article’s publication, the cryptocurrency stands a few hundred dollars above this particular line, above the total market capitalization of $800 billion.
Altcoins turn red:
Similar to Bitcoin, most altcoins are turning red today.
Ethereum is among the worst affected losers as the second largest cryptocurrency fell to $3,200.
It is worth noting that Ethereum hit a three-month high above $3,500 just a few days ago.
Binance, Ripple, Polkadot, Shiba Inu and CRO are down less than 5%.
In contrast, the prices of Cardano, AVAX and Dogecoin are down more than 5% since yesterday.
Solana is down 9% and struggling at $110 after failing at $130 earlier this week.
Cryptocurrency Terra also fell below $95.
The decline in bitcoin and altcoins made the total market cap lose about $200 billion in four days.Read:The Central Bank of China “PBoC” registers 140 million yuan digital wallets
This means that the measure has fallen below the coveted $2 trillion line for the first time since late March.
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