Cryptocurrency market loses $220 billion in two days as Bitcoin plummets towards $63,000 (MarketWatch)

Bitcoin prices continue to fall, with the asset currently down about 10 grand from last Thursday's high of nearly $74,000.

Alternative coins have also seen an exodus, with the market capitalization of cryptocurrencies dropping to less than $2.5 trillion after exceeding $2.9 trillion last week.

BTC plummet continues

The major cryptocurrency has been on the rise for weeks, hitting an all-time high last Thursday when assets topped $73,000 and hit an all-time high of $73,800. However, after rising more than 30% since the beginning of the month, analysis began to emerge that BTC was due for a correction.

This actually started happening last Friday. Bitcoin fell to $68,500 and tried to recover toward $72,000, but was quickly stopped and pushed back to $66,000.

At one point, Bitcoin soared to $70,000 over the weekend, but that didn't last long. Come Monday, BTC has plummeted again over the past 12 hours or so.

The recent decline has taken the cryptocurrency to a nearly two-week low of $63,000. Although that support level has not yet been broken, BTC is still down over 6% on the day.

Market capitalization has fallen to $1.25 trillion, but CG's control over alternatives has increased to over 50%.

Severe bleeding in alts

BTC's growing dominance at a time when Bitcoin prices are plummeting can only mean one thing: altcoins are suffering further. For example, the largest one has fallen another 9% and remains at $3,250. Recall that ETH soared above $4,000 in less than a week.

Solana, which outperformed Binance Coin yesterday, has fallen over 13% in one day to $180. BNB (-8.5%) is back to $515. Dogecoin, Polkadot, Polygon, and NEAR fell more than 10% in one day.

The situation for most lower- and mid-cap alts is similar, with crypto market cap plummeting to less than $2.5 trillion in CG. The index exceeded $2.9 trillion last Thursday and over $2.7 trillion over the weekend.