Correction Time: Bitcoin Slips Below $45K, $110B Wiped Off the Total Cap (Market Watch)

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Correction Time: Bitcoin Slips Below $45K, $110B Wiped Off the Total Cap (Market Watch)

Correction Time: Bitcoin Slips Below $45K, $110B Wiped Off the Total Cap (Market Watch)

The bears have returned to the crypto market and have pushed bitcoin south to around $45,000. The alternative coins, which flew high recently, have struggled even more. ETH is close to breaking below $3,000, ADA is just above $2, and BNB is down to $400.

Bitcoin Dropped to $44.5K

Ever since the Saturday retracement in which bitcoin dropped below $46,000, the cryptocurrency’s price performance seemed rather healthy.

In fact, BTC jumped and touched $48,000 on Sunday for the second time in just a few days. However, just as it happened in the previous attempt, the bears intercepted the move and didn’t allow any further increases.

Just the opposite, bitcoin started to decrease in value rapidly and dropped below $46,000 once more. After an initial recovery attempt that failed at $47,000, though, the situation worsened.

In the following hours, the asset started falling again and dropped all the way to $44,400 (on Bitstamp). After this 5-day low, it bounced off and is currently sitting around $45,000. Nevertheless, BTC is still about 2% down on the day, and its market cap is just shy of $850 billion.

BTCUSD. Source: TradingView

Blood on Alt Street

The altcoins were riding high recently, with impressive gains from quite a few of them. Ethereum, for example, surged above $3,300 a few days back. Nevertheless, ETH is deep in red on a 24-hour scale and is close to a dump below $3,000 now.

ADA was among the best performers – it briefly outplaced BNB as the third-largest crypto after reaching a multi-month high at $2.25. However, it’s now down to $2 after a steep correction.

Binance Coin has retraced below $400 following a 6% dump. XRP (-7%), Bitcoin Cash (-6%), and Chainlink (-9%) are also deep in the red. Dogecoin (-10.5%), Uniswap (-11%), and Polkadot (-10.5%) have lost even double-digit percentages.

Even Solana, which registered consecutive all-time highs, has dropped by 5.5% and is currently sitting below $70.

Cryptocurrency Market Overview. Source: Quantify Crypto

 

More pain comes from Audius (-20%), Voyager Token (-17%), THETA (-13%), Shiba Inu (-12%), THORChain (-12%), Kusama (-11%), and Aave (-10%).

Ultimately, the cumulative market cap of all crypto assets is down by more than $100 billion in a day to just over $1.9 trillion.