Cryptocurrency market loses $70 billion in two days due to altcoin outflow (Weekend Watch)

While most altcoins have shown significant price declines, Bitcoin is currently one of the few digital assets with only modest daily declines.

Avalanche once again leads the race with a massive 12% dump, followed by APT, LDO, FIL, NEAR, OP, and more.

alternative dump hard

Most altcoins have been surging until recently, recording impressive local peaks. However, the situation has now changed significantly, with red dominating almost every chart.

Ethereum soars to $2,100 following news that BlackRock has officially filed for a Spot ETH ETF. But after a few minutes, the second-largest cryptocurrency began rapidly losing value and is now trading $200 off its regional high.

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

Even more losses came from Solana, Cardano, Chainlink, MATIC, DOT, and others, with declines of up to 8%. Avalanche has seen the most divestment from large-cap alt stocks, losing 12% in value and nearing below $20.

Needless to say, the cryptocurrency's market cap has wiped out more than $70 billion since Thursday's rally, and is now well below $1.4 trillion in CMC.

BTC uncertain at $36,000

Major cryptocurrencies led Thursday's gains, jumping about $3,000 in one day. This culminated in a massive rally, rising to an 18-month high of $38,000.

However, similar to what happened the last time it tried to break out of that level, the bears blocked the move and did not allow it to rise further.

As a result, Bitcoin lost a significant amount of value in a matter of hours, dropping below $36,000 later that day. It started to recover somewhat on Friday, but stalled and is now trading just above $36,000.

Although its market cap remains at $709 billion, its control over altcoins has increased to 51.7% as most of them have fallen significantly in the past 24 hours.