Bitcoin Drops to 2-Year Low, Solana Falls 41% (Market Watch)

The events of the past few days between the two largest cryptocurrency exchanges caused the entire market to drop. Bitcoin, for example, has fallen to its lowest level since late November 2020.

Altcoins are also bleeding heavily, with FTT and Solana topping the negative pack.

Bitcoin collapses to 17 thousand dollars

The primary cryptocurrency enjoyed last week, hitting a multi-month high of $21,500 over the weekend. However, nothing could be prepared for what happened over the next few days.

With the saga unraveling between Binance and FTX, BTC is starting to lose value, dropping below $20,000 yesterday. When the former said she was planning to buy the latter after her troubles, the market plunged into complete chaos.

Initially, bitcoin rose from $19,200 to over $20,500, but it did not last long. The assets reversed course in the following minutes and began to rapidly lose value, liquidating hundreds of millions of dollars.

The worst, at least so far, came with a violent drop to $17,150 (on Bitstamp), the lowest position for BTC since late November 2020. It bounced back fairly quickly, jumping to over $18,000, before being pushed south by the bears. once again. time. .

As of now, BTC is at $17,500, and its market capitalization has dropped to $335 billion, but its dominance has soared to over 39% as altcoins crash hard.

BTCUSD. Source: TradingView

Over dump Solana and FTT

Arguably, FTX’s native cryptocurrency was the most volatile yesterday. It went from over $20 to about $3 in one day. With all the uncertainty surrounding the stock market, the asset is currently struggling at around $4.

The heavily supported Solana also suffers from Alameda. SOL recently hit a two-month high at around $40 but has fallen back to $16 so far. It’s down 40% in just the last 24 hours.

The rest of the altcoins are no better. Ethereum is down more than 20% in one day and is below $1,200. Just a few days ago, the second largest cryptocurrency was trading above $1600.

Binance Coin, Ripple, Dogecoin, MATIC, Shiba Inu, OKB, Avalanche, Uniswap and many others are also experiencing double digit daily losses.

Interestingly, Tron is the only altcoin with small gains on the daily scale. However, this did not help much in the total market capitalization of the cryptocurrency market, which has fallen to around $870 billion. The benchmark index has lost $160 billion since yesterday’s peak.

An overview of the cryptocurrency market.  Source: Quantify Crypto
An overview of the cryptocurrency market. Source: Quantify Crypto

After Bitcoin plunged to a two-year low, Solana Nosedives with 41% (market watch) debuted on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *