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Market Watch: Cryptocurrencies See Double-Digit Drops After Wall Street’s Friday Bloodbath

by CryptoPotatoJanuary 22, 2022

The bears continue to have complete control over the cryptocurrency market with numerous double-digit price losses from almost all assets. This comes just hours after the US stock market dumped in value again.

Bitcoin Dumps $8K in Two Days

It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t all that long ago as the asset jumped to $43,500 on Thursday following a $1,500 price hike.

However, the situation changed vigorously hours later. BTC started to dump in value rapidly and dropped to a six-month low of $38,250, as reported yesterday. This enhanced volatility resulted in more than $700 million worth of liquidations in just a day.

As bitcoin attempted its recovery and touched $39,000, the bulls took another major hit. BTC dumped by almost $4,000 again and reached its lowest price line since late July at $35,000.

As the asset currently stays just a few hundred dollars above that level, its market capitalization is down below $700 billion.

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Bitcoin’s price slides coincide with the recent correction in the stock markets. The three most prominent US stock market indexes are all in the red in the past few days. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite declined about 5% last week and approximately by 2% on Friday alone.

Altcoins See Double-Digit Dumps

The altcoins are in even worse shape in the past two days. Ethereum traded above $3,100 on Thursday, but it’s down below $2,500 as of now. This comes after another 15% drop since yesterday.

Double-digit drops are evident everywhere across the alt charts. This includes Binance Coin (-20%), Cardano (-16%), Ripple (-14%), Solana (-20%), Terra (-30%), Polkadot (-23%), Dogecoin (-14%), Avalanche (-22%), MATIC (-20%), and many others.

More losses come from Theta (-30%), PancakeSwap (-28%), Gala (-26%), Harmony (-26%), Loopring (-25%), Theta Fuel (-25%), Oasis Network (-25%), Curve DAO Token (-25%), and others.

The cumulative market capitalization of all crypto assets has decreased to just over $1.6 trillion. This means that the metric is down by $200 billion in a day and $400 billion in two days.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Bitcoin Spikes to an 18-Day High as Crypto Market Cap Nears $1.5T (Market Watch)

by CryptoPotatoJuly 25, 2021

The bulls have resumed control over the market in the past few days and have pushed bitcoin to a near three-week high at almost $35,000. The alternative coins have also benefited from these developments, with ETH closing down to $2,200 and DOGE sitting at $0.20.

Bitcoin Taps an 18-Day High

Ever since bitcoin bottomed at $29,200 on July 20th, the cryptocurrency has been on a roll. It bounced off immediately and reclaimed $30,000 in just a few hours.

Shortly after, more positive news from Elon Musk and Jack Dorsey emerged, which propelled significant gains in a relatively short period. The bulls kept on pushing north, and BTC added 15% of USD value in less than five days, as reported yesterday.

However, bitcoin’s leg up was not over yet, and it jumped further upwards to about $34,800 (on Bitstamp). This became the asset’s highest price line since July 7th.

As such, BTC’s market capitalization has increased above $650 billion after dumping below $600 billion earlier this week. Its dominance over the altcoins has also risen slightly to just over 46%.

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Altcoins See Green; ETH Tapped $2.2K

Similarly to their leader, the alts have also performed well since Tuesday. Ethereum went as low as $1,720 but has added roughly $500 of USD value since then and earlier today touched $2,200. Despite retracing slightly, the second-largest cryptocurrency is still about 2% up on the day.

Binance Coin is also in the green, although not as impressive as ETH’s increase. Nevertheless, BNB has still reclaimed $300 and currently stands above it.

On a 24-hour scale, Cardano (1.5%), Dogecoin (2.5%), and Polkadot (2.5%) have charted gains as well. In contrast, Uniswap, Bitcoin Cash, Solana, and Litecoin have stalled.

ICP is the most significant gainer from the top 100 with a near 30% surge. As a result, it trades at around $45. Telcoin (15%), THETA (15%), Theta Fuel (14%), Revain (13%), Quant (12%), and Helium (10%) follow suit.

Ultimately, the cumulative market capitalization has added more than $200 billion since the low earlier this week and is close to $1.5 trillion.

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Bitcoin Dumps to a 17-Day Low Below $32K as Crypto Markets Lost $80B (Market Watch)

by CryptoPotatoJuly 14, 2021

Bitcoin’s troubles continue in the past 24 hours, with another price slide to a low well beneath $32,000. The altcoins are deep in the red as well, with ETH and BNB trading below $2,000 and $300, respectively.

Bitcoin Drops Below $32K

Although the weekend saw minimal trading volume, the price of the primary cryptocurrency actually increased. It went from around $33,000 to a high of just shy of $35,000.

However, the bears regained control at this point and didn’t allow a potential breakout. Just the opposite, they pushed BTC south again, as reported yesterday.

Bitcoin dropped to $33,000, and even though it tried to bounce off, the situation has only worsened since then. The asset kept falling, broke below $32,000 for the first time since late June, and reached an intraday low of around $31,650 (on Bitstamp). This became its lowest price line in 17 days.

Despite regaining a few hundred dollars in the next few hours, BTC’s market capitalization had dumped below $600 billion, while the dominance has actually increased to 46% due to the bloodbath among altcoins.

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Altcoins Keep Bleeding: ETH at $1.9K

The alternative coins have suffered even more than their leader lately. Ethereum went as high as $2,450 about a week ago but has lost more than 20% of its value since then.

The second-largest crypto firstly broke beneath $2,000, but the bears kept the pressure on, and it’s now struggling to remain above $1,900.

Binance Coin has also lost a round-numbered milestone. A 6.5% decrease in 24 hours has driven it below $300. Just for reference, BNB reached a multi-week high at over $340 days ago.

The rest of the larger-cap altcoins are also deep in red. Those include Cardano (-7.5%), Ripple (-6%), Dogecoin (-5.5%), Polkadot (-9%), Bitcoin Cash (-6.5%), Litecoin (-5.5%), Solana (-8%), and Chainlink (-8%).

Furthermore, Uniswap has charted a double-digit price drop of -13%. As a result, UNI trades just over $17.

More losses come from Cosmos (-15%), Synthetix (-15%), Terra (-15%), Telcoin (-14%), Decentraland (-14%), Theta Fuel (-13%), Enjin Coin (-12%), THETA (-12%), IOTA (-12%), Sinacoin (-11%), and so on.

Ultimately, the cumulative market capitalization has declined by $80 billion in a day and more than $120 billion in two days to $1.3 trillion.

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Bitcoin Struggles at $33K After Reaching a 2-Week Low (Market Watch)

by CryptoPotatoJuly 9, 2021

Bitcoin has failed to recover most of the losses after dipping to a two-week low and continues to struggle below $33,000. Most alternative coins have also been unable to bounce off, with ETH even dropping beneath $2,100.

BTC Reached a 2W Low

The situation with the primary cryptocurrency seemed significantly more favorable during the weekend when it pumped to a multi-day high of around $36,000. However, the bears took advantage of the asset’s inability to break further north and pushed it down relatively quickly.

In the following days, BTC dipped to $33,500, attempted a quick recovery, but it was halted once again at approximately $35,000. Consequently, more bearish developments followed.

As reported yesterday, bitcoin started crumbling and lost over $2,000 in hours. This resulted in dipping to just over $32,000, which became its lowest price tag since June 27th.

Although BTC bounced off and reclaimed some ground, it’s still currently struggling below $33,000, and its market capitalization is down to just over $610 billion.

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Alts in Red Again; ETH Below $2.1K

The alternative coins mimicked BTC’s price nosedive yesterday with substantial losses. The situation has not changed all that much since then, as Ethereum has dropped beneath another round-numbered level.

This time, a 4% decline has driven the second-largest crypto below $2,100. Just for reference, ETH was riding well above $2,300 earlier this week.

Binance Coin also saw multi-week highs recently as it spiked to nearly $340. However, the market correction has pushed BNB south as well as the asset currently stands at $305.

On a 24-hour scale, Cardano (-3%), Ripple (-1.5%), Dogecoin (-2.5%), Uniswap (-1%), Bitcoin Cash (-1%), Solana (-5%), and Chainlink (-3.5%) are also well in the red.

Dogecoin has stalled, and even another positive engagement from Elon Musk has failed to drive it north.

More losses are evident from Decentraland (-14%), THETA (-13%), Theta Fuel (-13%), Enjin Coin (-11%), Telcoin (-10%), ICP (-8%), Waves (-7%), THORChain (-6%), and more.

The cumulative market cap is down by more than $120 billion in two days and is well below $1.4 trillion now.

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Bitcoin Whales Started Selling as BTC Dipped to $37,000 (Market Watch)

by CryptoPotatoJune 18, 2021

Bitcoin continues to gradually lose value with another price slump to around $37,000. Most alternative coins are also suffering, with ETH dipping beneath $2,400 and BNB close to dropping below $350.

Bitcoin’s Struggles Continue

Just a few days ago, the situation with the primary cryptocurrency seemed significantly more promising. The asset was riding high above $40,000 for the first time in nearly a month and even spiked to north of $41,000.

However, it failed to maintain such a high price line and started to lose traction somewhat rapidly. It dropped below $40,000 initially, but the bears kept the pressure on, resulting in another slide to about $38,000 as reported yesterday.

Although the cryptocurrency bounced off at first and reclaimed $39,000, it has reversed its trajectory once more. This time the dip was even worse as BTC slipped to just over $37,000.

Despite recovering a few hundred dollars since then, bitcoin’s market capitalization struggles to remain above $700 billion, but its dominance stands still around 45%.

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Data from CryptoQuant suggests that Bitcoin whales have started to dispose of some of their holdings. This has made the market “very uncertain,” and the company’s CEO warned traders to be highly vigilant in similar situations.

Bitcoin Whale Capitulation Index. Source: CryptoQuant

ETH Dips Below $2,4K, BNB at $350

The alternative coins have mimicked their leaders’ relatively adverse movements lately. Ethereum had risen above $2,600 on Tuesday but has lost roughly $300 since then. Consequently, ETH is well below $2,400 as of writing these lines.

Binance Coin was also performing well days ago by reaching $380. Nevertheless, BNB is down to just over $350 now.

On a 24-hour scale, red dominates the rest of the altcoin market was well. ADA (-3%), DOGE (-3%), XRP (-1.5%), DOT (-6.5%), UNI (-5%), BCH (-3.6%), LTC (-3.5%), SOL (-4%), and LINK (-6.2%) have also lost chunks of value since yesterday.

More fluctuations are evident from the lower- and mid-cap alternative coins. From one side, XDC, FTM, TFUEL, and CELO have jumped by double-digits. From the other, though, AMP has plummeted by 30% after its recent streak, followed by Quant (-15%), THORChain (-12%), Kusama (-11%), OMG Network (-10%), and Enjin Coin (-10%).

The cumulative market cap of all crypto assets is down by $60 billion since yesterday and is well beneath $1.6 trillion.

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Crypto Market Cap Struggles to Maintain $1.5 Trillion, Bitcoin Amid $35K (Weekend Watch)

by CryptoPotatoJune 13, 2021

After yesterday’s price declines, bitcoin has calmed around the $35,000 price line. Most alternative coins are also somewhat stagnant on a 24-hour scale, aside from Polygon (MATIC). The asset has spiked by double-digits to $1.4.

Minor Recoveries Among Alts: Polygon 15% Up

The weekend didn’t start all that well for the altcoins market. The biggest altcoin, Ethereum, had already retraced from $2,600 to $2,500 before it went even further south to $2,250.

Since then, ETH found some ground and even rebounded above $2,400 earlier today, but has decreased once more to just over $2,300.

As it typically happens, most other alts mimicked ETH’s performance. BNB sat around $360, dumped to $325, bounced back up to $350, and is now just shy of $340.

On a 24-hour scale, though, most are just slightly in the green zone. Cardano has added 3% of value to $1.45. DOGE, XRP, DOT, UNI, BCH, and LTC have charted gains of 1% or less.

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The most impressive performer from the larger-cap altcoins is Polygon (MATIC). The asset is up by nearly 15% and is close to overcoming $1.4 once more.

Even the lower- and mid-cap altcoins are untypically stable. A few exceptions come from Quant (12% up) and Theta Fuel – TFUEL (11% up). In contrast, Chiliz (-11%), Celo (-8%), and Nexo (-7%) have lost the most.

Consequently, the cumulative market capitalization has recovered around $20 billion and is just over $1.5 trillion.

Bitcoin Stands Still Around $35K

The primary cryptocurrency entered the weekend at well over $37,000 following adoption news from El Salvador and hints from Paraguay, India, and Iran. However, the first trading hours from the weekend drove the asset south by more than $2,000.

As a result, BTC bottomed below $35,000 yesterday. The bulls stepped up and managed to pump the cryptocurrency to above $36,000 briefly. Nevertheless, more adverse price movements followed as bitcoin slipped below $35,000 once more.

As of writing these lines, BTC has reclaimed a few hundred dollars and sits just over $35,000.

Its market capitalization is still well below $700 billion, while the dominance is back to 44%.

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Bitcoin Dipped to $31K Before Crypto Markets Recovered $100 Billion (Market Watch)

by CryptoPotatoJune 9, 2021

After the latest massive price slump to a multi-week low, bitcoin has bounced off and recovered over $3,000 of value. While most altcoins have failed to produce any significant gains, Solana spiked by double-digits and has neared the top ten.

Bitcoin Recovers $3K

After a few days of sideways trading in which BTC stood around $37,000, the infamous volatility made its mark once again. As reported yesterday, bitcoin slumped by a few thousand dollars to below $34,000, but it only continued south.

In the following hours, BTC dumped to around $31,000 (on Bitstamp). This became the lowest price tag the cryptocurrency had seen since the mid-May vicious crash when it dropped all the way down to $30,000.

At this point, though, the bulls stepped up and didn’t allow any further decreases. Just the opposite, BTC started to quickly regain value and has climbed back up by more than $3,000 since then. As of writing these lines, bitcoin stands at about $34,000.

Although its market capitalization is still well below $700 billion, its dominance has increased to almost 42% as most altcoins have failed to recover most losses.

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SOL Nears Top 10 as Alts Stall

The alternative coins had it even worse during yesterday’s crash. Ethereum dumped to around $2,300, but it also bounced off rather quickly to about $2,500. Nevertheless, ETH has failed to increase any further since its initial recovery.

The situation with the rest of the top ten alts is quite similar. BNB went to $320, bounced to $360 but has calmed around $350 as of now.

On a 24-hour scale, Cardano, DOGE, XRP, DOT, and UNI are just slightly in the red. In contrast, SOL has spiked by more than 13% to $43. As a result, Solana has neared the top ten largest coins by market cap by surpassing BCH, LTC, and LINK.

Somewhat expectedly, the lower- and mid-cap altcoins have displayed more fluctuations in the past 24 hours. Bitcoin Gold (32%) has gained the most, followed by Theta Fuel (20%), Helium (18%), Kusama (13%), and Algorand (10%).

In contrast, ICP (-13%), Nexo (-10%), Celsius (-6%), and BakeryToken (-6%) have lost the most.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has recovered over $100 billion in a day to above $1.5 trillion.

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Bitcoin Price Down to a Two-Week Low as Ethereum Slipped to $2,400 (Market Watch)

by CryptoPotatoJune 8, 2021

After a few days of sideways trading, bitcoin fell hard by losing almost $5,000 of value in less than a day. The rest of the market followed suit as Ethereum slumped by $400 to an eight-day low.

Bitcoin Dumped to Lowest Level Since May 24th

The past few weeks have been somewhat unusual for the primary cryptocurrency. During the previous weekend, BTC dumped beneath $33,500, but it used the workweek to regain all losses.

It failed at breaching $40,000, dropped by a few thousand dollars after another engagement by Elon Musk, and calmed around $37,000. In fact, it ranged around that particular level for a few consecutive days.

However, the situation vigorously changed in the past 24 hours. Bitcoin dumped from around $37,000 to $35,000, and the bears kept the pressure on. As a result, the asset slipped further south to an intraday low of $32,300 (on Bitstamp).

This became BTC’s lowest price tag since May 24th, when it plummeted to just over $31,000.

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On its way down, bitcoin’s market capitalization is threatened to drop below $600 billion. The asset’s market dominance stands around 41%, as the altcoins are also deep in red.

BTC bounced off from its low and currently stands above $33,000. This enhanced volatility resulted in more pain for leveraged traders as the liquidations are over $1 billion in the past 24 hours.

Blood on the Alts’ Street

The alternative coins have it even worse than their leader. Ethereum was riding high yesterday at well above $2,800, but as the bulls were preparing to challenge $3,000, the bears stepped up and reversed the trajectory.

As a result, ETH dumped by more than $400 in hours to just over $2,400. As of now, the asset has reclaimed some ground and currently trades above $2,500.

Binance Coin mimicked ETH’s performance with a substantial drop from over $400 to $330. It has also bounced off and is close to $360 now.

ADA (-8%), DOGE (-10%), XRP (-7%), DOG (-12%), UNI (-8.5%), ICP (-13%), BCH (-10.5%), and LTC (-10%) are also well in the red from the larger-cap altcoins.

BakeryToken has lost the most since yesterday with a 20% drop to $3.2. THORChain (-16%), Klaytn (-15%), SHIB (-15%), IOTA (-15%), Tezos (-15%), Horizen (-15%), UMA (-14%), Qtum (-14%), and Compound (-14%) are just a few more of the double-digit losers.

Nevertheless, two top 100 coins have marked substantial gains as well. Those are Arweave (26%) to above $20 and Theta Fuel (17%) to $0.55.

Ultimately, though, the cumulative market cap of all crypto assets dumped by more than $200 billion in a day to well beneath $1.5 trillion hours ago.

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Market Recovery: Bitcoin Eyes $38,000 as Ethereum Touched $2,800 (Market Watch)

by CryptoPotatoJune 5, 2021

Bitcoin has bounced off after the latest negative engagement by Elon Musk and has neared $38,000. Most alternative coins have spiked even harder in the past 24 hours, with ETH trading around $2,800 and BNB surging well past $400.

Bitcoin Recovers the Latest Elon Musk Dump

After the previous weekend in which BTC dumped below $34,000, the asset performed rather well during the workweek. It was gradually increasing for a few consecutive days and even broke above $37,000.

The bulls drove it to a six-day high of roughly $39,500, but, as it happened numerous times in the past few weeks, it couldn’t go any higher. Just the opposite – bitcoin started retracing heavily after yet another controversial tweet by Tesla’s CEO.

Following a Linkin Park reference and a broken heart tweeted by Musk, the cryptocurrency dumped by $4,000 to a daily low of $35,500.

However, the bulls stepped up again at this point and pushed it north. As of now, BTC trades just over $37,500, and its market capitalization has reclaimed $700 billion.

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Alts in Green; BNB Above $400 as ETH Sits Around $2.8K

The altcoins suffered even more during yesterday’s market correction. Ethereum dropped well below $2,600, but it has bounced off quite impressively and currently stands around $2,800.

Binance Coin also fell hard and dropped beneath $370. However, BNB has spiked the most from the top ten in the past 24 hours after a 10% surge. As a result, the asset has reclaimed $400 and now sits at $420.

Cardano (6%), DOGE (5.5%), XRP (5%), DOT (7%), UNI (5%), BCH (3%), and LINK (5%) are also well in the green from the larger-cap alts.

Theta Fuel and Curve DAO Token are the most impressive gainers on a 24-hour scale. Both assets have spiked by 25% to $0.5 and $2.75, respectively.

Siacoin (15%), Solana (13%), KuCoin Token (13%), PancakeSwap (12%), THETA (12%), IOTA (11%), Nexo (10%), and Telcoin (10%) follow.

Ultimately, the crypto market cap has recovered a little over $80 billion since yesterday and sits above $1.7 trillion.

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Crypto Market Cap at a New ATH as Bitcoin Tapped $58K (Market Watch)

by CryptoPotatoMay 3, 2021

After dipping to $56,000 yesterday, bitcoin has added $2,000 of value and touched $58,000. Ethereum’s latest ATH at $3,100 and numerous other pumping altcoins helped the crypto market cap gain more than $70 billion in a day to a new record just shy of $2.3 billion.

Bitcoin Taps $58K

After reaching a 2-week high at $58,500 a few days ago, the primary cryptocurrency started to retrace slightly. In the following 48 hours, bitcoin dropped by more than $2,500, resulting in testing $56,000 once more.

As reported yesterday, BTC had troubles at that particular level again. However, the bulls took over at that point and pushed the asset upwards.

As a result, bitcoin added more than $2,000 of value in a matter of hours and reached $58,400. Despite retracing with a few hundred dollars since then, BTC is still about 2% up on a 24-hour scale.

The technical indicators suggest that the first resistance line in bitcoin’s way up is at $58,355, followed by two rounded-number ones at $59,000 and the old nemesis $60,000. Alternatively, bitcoin could rely on the support levels at $56,950, $56,400, and $55,400 if it retraces once again.

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ETH’s Latest ATH Comes at $3,100

When it comes down to the alternative coins, Ethereum has been stealing the shows for several consecutive days. The second-largest crypto marked multiple new records, leading to breaking another milestone hours ago by tapping $3,000 for the first time.

However, ETH wasn’t satisfied with just reaching a round-number and added more than $100 again for another record at over $3,100.

Binance Coin (2.5%), Ripple (1.5%), Cardano (1%), Polkadot (3%), Litecoin (1.3%), Chainlink (1%), and Dogecoin (0.5%) are also in the green. Uniswap is the most substantial gainer, with an 11% pump to over $44.

From the lower- and mid-cap altcoins, Venus leads the way with a 26% surge to over $125. Maker (19%), Ontology (12%), Waves (12%), Polygon (10%), Helium (10%), Theta Fuel (10%), Terra (10%), and Neo (10%) follow suit.

Ultimately, the cumulative market capitalization expanded by $70 billion in a day and $250 billion in four days to a new record of approximately $2.280 billion, according to CoinMarketCap.

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Cryptocurrency charts by TradingView.

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