Crypto Markets Lose $50 Billion After Wall Street Tuesday Crash: Market Watch

Bitcoin failed to overcome $25,000 again yesterday, and the subsequent rejection brought it back to just below $24,000.

Most altcoins have suffered even more on a daily scale, with MATIC, OKB, SOL and several others dumping around 7%.

Bitcoin Mimics Wall Street

The past few days, more precisely since the end of last week, have been very volatile for the primary cryptocurrency. It soared to and beyond $25,000 on Thursday, registering a six-month high, before plunging just as quickly to below $23,500.

Two more attempts to top $25,000 followed in the last few days, with the latest coming yesterday. It took bitcoin all the way up to $25,200, but the asset failed once again. The subsequent rejection drove things south hard, and bitcoin found itself below $24,000 earlier today.

This dive came in the middle of the crash on Wall Street. The three most prominent US stock market indexes all closed in the red. The S&P 500 and Dow Jones fell 2% on the day, while the Nasdaq Composite fell more than 3%.

BTC’s recent price drop has taken the asset’s market value down to $465 billion. Its dominance over the altos has increased slightly to 42.6%.

Altcoins in dark red

The two largest altcoins (apart from stablecoins) by market capitalization – Ether and BNB – have fallen by similar percentages as BTC in the last 24 hours (2-3%). As a result, ETH is below $1650, while BNB is below $310.

More daily losses are evident from Cardano, Polkadot and Shiba Inu (-4%). MATIC and Solana have lost the most from the top 15 alts, falling by more than 6% in a day.

Dogecoin, Litecoin and Avalanche have charted negligible gains. However, Filecoin has resumed its recent streak by increasing by almost 9% in a day. Consequently, FIL is now trading above $8.6.

Overall, the total crypto market capitalization saw approximately $50 billion lost at one point and has fallen below $1.1 trillion at CMC.