Bitcoin crashes by $1,000 overnight, crypto markets lose $30 billion
After several days of sideways trading, bitcoin finally experienced some volatility that drove it south by about a grand.
Most altcoins have also turned red. Binance Coin is among the very few exceptions, as the asset has jumped above $330.
BTC falls by $1,000
Massive volatility came on Wednesday and Thursday last week as the primary cryptocurrency exploded from $27,000 to $30,000 before returning to earlier levels later on fake news. But as First Republic’s problems worsened and the false reports were refuted, BTC went on the offensive again, approaching $30,000.
Nevertheless, the bears caught up and did not allow any further increases. On the contrary, BTC retreated by several hundred dollars and settled to just above $29,000.
The landscape changed late Sunday as the asset pumped towards $30,000 again, but the subsequent rejection drove it hard south. Within hours, BTC dropped by almost two thousand and fell to $28,300 (on Bitstamp).
As of now, it’s a few hundred dollars above that level, but it’s still down 2.3% on the day and is below $29,000. Its market cap has fallen to $550 billion, and its dominance over the alts has slipped back slightly to 46.9% at CMC.
BNB defies the market
As usually happens when there is more volatility with BTC, altcoins feel it too. Ethereum has also stood quietly in recent days at $1,900, but a 3.3% daily drop has pushed it to $1,850 as of now.
Ripple, Cardano, Dogecoin, Polygon, Polkadot, Litecoin, Shiba Inu and Avalanche have all fallen by similar percentages. Binance Coin has managed to defy the general sentiment. BNB has jumped almost 4% in a day and is well above $330.
However, more losses are evident from ATOM, ICP, APE, as well as most other mid- and lower-cap alts. In contrast, PEPE skyrocketed by over 90% on a daily scale after listing on OKX and entered the top 100 coins by market cap.
Talking about the total market cap of crypto, it lost about $30 billion daily and has dropped to well below $1.2 trillion.
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