Crypto Markets Shed $100 Billion as Bitcoin Dumped to $44K (Market Watch)

  • April 6, 2022


Bitcoin took another massive downturn in the past 24 hours and slipped to just over $44,000. Most altcoins have also turned red today, with price declines from Ethereum, Solana, Polkadot, Avalanche, and others. Dogecoin is among the few in the green.

Bitcoin Dropped to $44K

The start of April was not all that positive for the primary cryptocurrency as it dropped from above $47,500 to a multi-day low of $44,250 (on Bitstamp). The bulls stepped up at that point and pushed BTC north. As a result, the asset spiked above $47,000 hours later but failed to remain there for long.

It initiated a leg up to and beyond that level twice in the past few days, but the aftermath was the same. The latest rejection that came yesterday pushed BTC down to $46,000 before the bears took another swing, and bitcoin slumped below $44,500.

Since then, the cryptocurrency has managed to recover some of the losses and now sits above $45,000. Nevertheless, its market capitalization has taken a hit and is now at $860 billion. The metric exceeded $900 billion less than a week ago.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Alts See Red: Not Dogecoin

The altcoins seemed untypically stable in the past few days, but most have turned red now, similar to bitcoin.

Ethereum charted a three-month high above $3,500 a few days ago and has remained around that level since then. Now, though, a 5% daily decline has pushed the second-largest cryptocurrency to just over $3,300.

Binance Coin has lost around 3% of value in the past 24 hours and sits at $440. Solana is down by 6% to $125. Avalanche, Polkadot, Cardano, Shiba Inu, and CRO have decreased by similar percentages as well.

Dogecoin is among the very few exceptions. DOGE is up by another 5% and trades at $0.16. This comes just a few days after it became known that Elon Musk – Dogecoin’s most famous fan – had purchased a 9.2% passive stake in Twitter.

With the lower- and mid-cap alts also in the red, the total crypto market cap has seen $100 billion evaporated from yesterday’s peak and is now below $2.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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