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.

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.

After setting a new all-time high at $69,000, bitcoin dumped by more than $6,000 in hours before calming around $65,000. Most alternative coins experienced similar price fluctuations, with ETH plummeting from $4,875 to $4,450.

BTC’s 24-Hour Rollercoaster

The cryptocurrency landscape seemed rather calm just a few days ago when bitcoin appeared stuck around $60,000. However, the market reminded of its volatile nature in the following days.

Firstly, bitcoin went on the offensive, added $4,000 in hours, and neared its all-time high at the time of $67,000. After a brief rejection, BTC surpassed that peak and registered a new one at $68,600.

Just a day later, though, the cryptocurrency went on another tear and charted a fresh ATH at $69,000. As the community was preparing for a run towards $70,000, the situation changed once more.

In a matter of hours, bitcoin dumped by more than $6,000 and bottomed below $63,000, resulting in multi-million dollar losses in liquidations for leveraged traders.

As of now, the asset has recovered some ground and currently stands above $65,000. Its market capitalization is north of $1.2 trillion, while the dominance over the altcoins sits at 43%.

Altcoins Follow Along

As it typically happens when there’s enhanced volatility with bitcoin, most alternative coins follow suit. Ethereum also saw a new record of nearly $4,900 yesterday before it plunged by more than $500 in hours to a weekly low of $4,450. ETH also reacted well after this drop and now stands above $4,700.

On a 24-hour scale, most alts are in the red. This includes Binance Coin (-1.5%), Cardano (-3.5%), Polkadot (-5%), Dogecoin (-4%), Shiba Inu (5%), and Avalanche (-3.3%).

Solana, Ripple, Terra, and Litecoin are slightly in the green, while Chainlink has surged by 6.5% in a day to $37.

More gains come from IoTeX (42%), Mina (24%), Kadena (18%), Helium (14%), and Zcash (11%).

The cryptocurrency market capitalization had lost more than $120 billion in a day to yesterday’s low but is now just over $3 trillion once again on CoinGecko.