Crypto Markets Lost $40B in 2 Days as BTC Plummets Toward $28K (Market Watch)

Bitcoin’s price action took another hit in the past 24 hours, and the asset plummeted to $28,300 for the first time in roughly two months.

The altcoins have suffered even more, with ETH slipping below $1,800 and the total market cap losing another $20 billion daily.

BTC Sees 2-Month Low

Bitcoin spent most of last week trading sideways in a tight range between $29,200 and $29,500. It was its most impressive price increase on Monday following news about the first spot BTC ETF launching in Europe. The initial hype drove the asset to $29,700 (on Bitstamp).

However, the tides turned quickly after that, and BTC started losing value rather quickly. It found itself dipping to $29,000 by Tuesday, but the landscape worsened in the past 24 hours.

The bears took complete control over the market and pushed the cryptocurrency south even more. This time, the asset fell to $28,300, which became its lowest price tag since mid-June.

Despite recovering a few hundred dollars since that multi-month low, BTC is still about 2% down on the day. Its market cap has declined to $556 billion, but its dominance over the alts stands still at 49%.

BTCUSD. Source: TradingView## Alts See Red (Again)

The alternative coins dropped hard yesterday, and the situation today is quite similar. Ethereum is down from over $1,850 two days ago to just below $1,800.

Binance Coin has declined by a similar percentage to just over $230. Ripple, Cardano, Dogecoin, Solana, Tron, Polkadot, and Polygon are all in the red as well.

Even more losses come from the likes of Litecoin, Shiba Inu, TONCOIN, Uniswap, and Bitcoin Cash, which have all dumped by up to 8% in a day.

With most other lower- and mid-cap alts trading in the red today, it’s no wonder that the crypto market cap is down to $1.130 trillion on CMC. This means that the metric has seen $20 billion gone in the past 24 hours and $40 billion evaporated since Tuesday.

Cryptocurrency Market Overview. Source: Quantify Crypto