Crypto Market Cap Lost $70 Billion as Bitcoin Drops Below $56K (Market Watch)

Following the latest all-time high above $58,000, bitcoin retraced by over $3,000 to a low of $55,000. Most alternative coins have also lost some steam, with Ethereum dipping below $1,900. XRP is among the few exceptions with a 10% surge to $0.58. Meanwhile, the total market cap has dropped by around $70 billion.

$3,000 Drop For BTC After A New Record

The primary cryptocurrency had a wildly positive week in which the asset gained over $12,000 of value from its lowest point of $46,000 to several consecutive all-time highs. The latest record came just yesterday after BTC reached $58,400, which stands now as the current all-time high.

However, the bears took charge at this point and didn’t allow any further increases. Just the opposite, they drove the cryptocurrency south, and in the following hours, bitcoin lost over $3,000 of value to just north of $55,000.

Nevertheless, BTC started regaining some of its lost positions and currently hovers above the $56,000 price mark.

The technical indicators suggest that bitcoin could find further support at $55,000, $52,365, and $50,800 if its price continues retracing. Alternatively, BTC would have to overcome the resistance lines at $57,500 and $58,350 before potentially heading towards uncharted territory once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Beneath $1,900, XRP Surges To $0.60

Most of the larger-cap altcoins have retraced in the past 24 hours following days of registering substantial gains. Ethereum, which surged to a new all-time high at nearly $2,050 on Saturday, has lost almost $200 of value since then and is currently trading below $1,900.

Polkadot is also down by 2% in the past 24 hours after rising above $40 for a new record during the weekend. Cardano (-5%), Litecoin (-1%), and Chainlink (-4%) are in the red as well.

Binance Coin has regained some value since yesterday after a 6% increase to $280. However, Ripple is the most impressive performer with a near 20% surge to above $0.60. XRP’s price pump could be attributed to positive news coming from Wyoming as the blockchain-based payments firm is now a registered business in the state.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More fluctuations come from lower-cap altcoins. Pundi X leads the green part with a 53% surge, followed by IOST (48%), Fantom (40%), Holo (35%), OKB (30%), BitTorrent (22%), and Terra (18%).

In contrast, Ontology has lost the most value since yesterday (-12%). SushiSwap (-12%), Ravencoin (-11%), Horizen (-11%), 1inch (-11%), THORChain (-10%), and Uniswap (-10%) are next.


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