Market Cap Loses $80 Billion In A Day

Bitcoin has again struggled to hold above $31,000. Most altcoins are following the moves and the total market cap has lost around $80 billion since yesterday.

Bitcoin Fails At $35K

The major cryptocurrency has seen better days as it has lost around 15% in just a week. A few days ago, the price dropped below $29,000, and although yesterday’s trading session seemed to be more bullish, the situation has reversed.

BTC started the bull run which resulted in a daily high of $35,000. However, as the bulls braced for further gains, the downside took over and pushed the asset back down.

In the following hours, BTC lost about $4,000 in value and dropped to $31,000. Technical indicators show that this is the first major support level that can hold the retracement. If bitcoin breaks below it, the next one is $30,760, before potentially relying on the $30,000 psychological.

Altcoins Fall Too

Most of the alternative coins recorded serious gains in recent days and managed to reduce the dominance of BTC in the market. Nevertheless, they had followed their leader during the current correction.

Ethereum has lost over 7% and is struggling with $1,300. The rest of the top ten coins are also in the red. Namely: Ripple (-6%), Bitcoin Cash (-6%), Binance Coin (-4%), Cardano (-4%), Chainlink (-8%), Litecoin (-7%), and Polkadot (- 7%).

The situation between low- and mid-cap altcoins is even worse. NEAR Protocol suffered the biggest loss on a 24-hour scale with a 17% drop. NXM (-16%), SushiSwap (-14%), Compound (-13%), The Graph (-13%), Reserve Rights (-13%), and Synthetix (-12%) are just a few examples.

Nevertheless, there have been some impressive winners as well. That includes Horizen (24%), Nervos Network (22%), Celo (20%), ICON (12%), and Decred (12%).

However, the cumulative market cap of all cryptocurrencies has shrunk by around $80 billion in a day to $930 billion.

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