The total cryptocurrency market capitalization has now experienced a loss of $100 billion in the span of 24 hours, as the flagship crypto Bitcoin (BTC) dipped to levels beneath $35,000 again. Ethereum (ETH), on the other hand, had dropped below $2,300, and most of the altcoins have also suffered. Binance Coin (BNB) had decreased to just over $300 as well during a time when nearly all cryptocurrencies are currently in the red.
It looked as if things were looking up for Bitcoin after it had been legalized in El Salvador, and the bulls had managed to help increase the price. However, it now seems that the bears have indeed taken control once more, which had caused the digital asset to drop in price below $35,000. However, things have improved slightly as the current price is $35,343, but this is nevertheless a 5.1% drop experienced since yesterday, and it does not appear as if things will improve immediately either.
Bitcoin just can’t seem to catch a break
In addition to El Salvador, India had also expressed a renewed interest in Bitcoin, even going as far as potentially classifying it as an official and recognized asset class. Other various large-scale corporations and conglomerates had also wanted to be part of the conversation and derive profits for themselves via cryptocurrencies.
Bitcoin had managed to surge to $38,500 this past Thursday, which signified a 6-day high. However, it then took a slight dip to about $37,000 the next day. Today though, things have gone from bad to worse as BTC dropped by another couple of thousand dollars in price.
As if things weren’t gloomy enough, the market cap of BTC had dropped to below $700 billion again. There is a silver lining to all this, however, as the digital asset’s market dominance had increased to over 44%, while the altcoins suffered continued losses.
Things may look bad for BTC right now. However, the cryptocurrency had only lost approximately 4% of its overall value since yesterday. This is not so bad when compared to what is transpiring with the altcoins, which are going deeper and deeper in the red as we speak.
Apart from the aforementioned ETH and BNB, ADA had dropped in price by 8%, DOGE had dropped by 5%, BCH had dipped by 7%, SOL had dropped by 9%, XRP had decreased by 5%, and LTC had decreased by 9%.
In related news, both Uniswap (UNI) and Polkadot (DOT) had also decreased by percentages in the double digits. Both may end up having to dump below $20 as a result.