Bitcoin (BTC) loses the $67,000 level, and the cryptocurrency market drops $90 billion in two days (Market Watch)

Bitcoin’s inability to conquer the $70,000 line created immediate selling pressure as Bitcoin fell below $67,000 in the past few hours.

Altcoins were also in the red, with crypto market capitalization falling to just over $2.4 trillion from a local peak of $2.5 trillion recorded on Monday morning.

BTC falls below $67,000

After a very strong trading week last Friday, major cryptocurrencies calmed down over the weekend. Prices soared from $62,500 last Monday to $69,000 on Friday, but fell back slightly to $68,000 on Saturday and Sunday.

Monday started even better, with assets jumping to $69,500 for the first time since late July. However, it failed to continue rising and was quickly rejected before it had a chance to challenge $70,000.

This caused the price to drop immediately, dropping to $66,600 yesterday. It has since tried to rebound, but the bears have continued to push it lower and it is now trading well below $67,000 once again.

CoinGecko's market capitalization has fallen to $1.32 trillion, but its control over alts has increased to 54.8% from 54.5% yesterday.

Art Sea Red

An increase in BTC's dominance during a Bitcoin correction can only mean one thing. Altcoins are even worse. Some of the worst performing large caps include SUI, APT, UNI, and WIF. All of these have fallen more than 5% in the past 24 hours.

Most of the remaining altos in the top 36 are in similar condition, but with slightly less painful drops. XRP, DOGE, LINK, and AVAX each fell about 3-4%. ETH and BNB fell 1.5% to below $2,600 and $580, respectively.

The cumulative market capitalization of all crypto assets in CG has fallen to $2.41 trillion. This means the index is down about $90 billion from Monday's peak.