Crypto Market Loses $70 Billion in Two Days as Altcoin Exodus Hits (Weekend Watch)

While most altcoins have recorded notable price declines, Bitcoin is currently one of the few digital assets experiencing only modest daily declines.

Avalanche once again leads the race with a significant drop of 12%, followed by APT, LDO, FIL, NEAR, OP, etc.

Alternative dumps hard

Most altcoins were soaring higher until recently, hitting impressive local peaks, but things have changed considerably now, with red dominating almost all charts.

Following the news that BlackRock had officially filed for a Spot ETH ETF, Ethereum surged to $2,100. However, within minutes, the second-largest cryptocurrency began to rapidly lose value and is currently trading $200 down from its all-time high.

Binance Coin, Tron, Ripple, Bitcoin Cash, Shiba Inu, Litecoin and Toncoin have also fallen by around 2-3% in the past 24 hours alone.

Coins like Solana, Cardano, Chainlink, MATIC and DOT also suffered further losses, dropping by up to 8%. Avalanche suffered the biggest losses among the large altcoins, dropping 12% in value and on track to fall below $20.

Needless to say, the cryptocurrency market capitalization has fallen by more than $70 billion since Thursday's surge and is now well below $1.4 trillion on the CMC.

BTC Uncertain at $36,000

The leading cryptocurrency surged about $3,000 in a day, driving a rally on Thursday that culminated in it hitting an 18-month high of $38,000.

However, just like the previous attempt to break out of that level, the bears blocked the move and prevented it from surging any further.

As a result, Bitcoin lost a lot of value within a few hours, falling below $36,000 by the end of the day. It began to recover on Friday but then stalled and is currently trading just above $36,000.

While the market cap remains at $709 billion, Bitcoin’s dominance over altcoins has skyrocketed to 51.7% as most altcoins have seen steep declines over the past 24 hours.