The dire market situation for all cryptocurrencies continues and has worsened over the past few hours, with Bitcoin plummeting to a multi-month low of around $57,000.
Altcoins followed suit with huge losses, with their total market cap rising to well over $200 billion in the past 36 hours or so.
Where is the bottom of Bitcoin?
In the always volatile world of cryptocurrencies, a lot can change in a matter of days. Focusing just on the past few days, we can see that Bitcoin price was heading toward $65,000 on Monday morning, but failed to break above that level, and the next 36 hours have been very difficult.
It all started when the price plummeted to $62,000. This was not surprising as the asset had fallen to that level several times over the past month. However, as reported last night, further declines ensued, with the major cryptocurrency falling to a two-month low of $59,100.
After a short pump, BTC has headed straight south again in the past hour or two. This time, the bears have pushed the price down to just over $57,000 for now, which is the lowest since February 28th. The latest sell-off comes on the heels of the next US FOMC meeting, which typically brings significant volatility. At the market.
BTC is currently down 9% on the day and 14% compared to this time last week. While CG's market capitalization has plummeted to $1.13 trillion, its control over alternatives remains high at 50.5%.
Alto Mountains of the Red Sea
It's no surprise that most alternative coins followed Bitcoin's decline. After the launch of the Hong Kong Spot ETF yesterday, Ethereum was above $3,200, but has since plummeted more than $300 to below $2,900. Binance Coin has lost its $600 level and is now down to $550.
SOL, DOGE, TON, SHIB, AVAX, BCH, NEAR, and many other companies have seen double-digit declines, and it is clear that daily losses are getting bigger.
The market capitalization of virtual currencies has decreased to $2.24 trillion. This means the index has fallen by more than $200 billion since Monday morning, also its lowest level since February.
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