Cryptocurrency market loses $250 billion overnight as Bitcoin falls $8,000 (MarketWatch)

Yesterday, the major cryptocurrencies hit new all-time highs of around $74,000, but the bears gained momentum and pushed them to weekly lows.

Altcoins have also fallen significantly in the past 24 hours, with prices of XRP, ADA, AVAX, DOGE, SHIB, etc. plummeting by double digits.

Bitcoin daily decline

Bitcoin's price movement over the past few weeks has been surprising. Since breaking above $50,000, the asset has only been pointing north, culminating last week with a 2021 all-time high of $69,000.

However, BTC was just getting started and continued to rise even after recovering from an almost inevitable correction. As a result, the cryptocurrency soared to more than $70,000 over the weekend and rose to $73,900 (on Bitstamp) yesterday morning, its current high.

After such an impressive rally, warning signs began to emerge that the correction could be delayed. Such a retracement certainly started yesterday with a drop to $70,000, but it worsened earlier today as BTC further fell to a weekly low of $65,600.

At the moment, the asset has recovered to some extent and is a few centimeters above $67,000. However, CoinGecko's market capitalization decreased by more than $100 billion in one day to just over $1.3 trillion. His advantage over alternatives has also decreased slightly to 49.5%.

Art Sea Red

This usually happens when BTC moves hard in one direction, but most altcoins do as well. Ethereum failed to break above $4,000 and subsequently fell 7.5% to below $3,700. BNB hit a multi-year high yesterday, but has now fallen to $570 after a similar daily retracement.

Cardano, Avalanche, Dogecoin, Ripple, Polkadot, Polygon, Toncoin, Shiba Inu, etc. cause more pain. All these assets have declined by double digits in the past day.

Most other mid- and lower-cap alts are in a similar position, with crypto market caps down more than $250 billion in one day, and down to $2.65 trillion in CG.