It is a tough time for the cryptocurrency industry as most of the altcoins are in the red right now, and so is the flagship cryptocurrency, Bitcoin.
Following a couple of successful days of continuous upside trading, many of the various cryptocurrencies in the market have significantly decreased in value within the previous 24 hours alone. The leaders, BTC and ETH, both respectively experienced losses when Bitcoin went through a dump of $6,000, and Ethereum dipped below $4,000 after managing to reach an all-time high recently as well. As a result, many altcoins are currently in the red as of the time of this writing, which resulted in an approximate amount of $200 billion being wiped out from the overall market capitalization.
Despite the fact that the $60,000 mark is still seemingly out of reach for the world’s biggest cryptocurrency, Bitcoin was actually able to ride a high for a previous couple of days when it managed to reach a 3-week high at just above $59,600. Sadly, however, just as it looked poised to regain $60K, bears had taken control and BTC begun to quickly drop in value shortly afterward, resulting in the abovementioned $6,000 dip. As of the time of this writing, BTC is currently trading at $55,557.
Still, BTC is known for experiencing drastic changes, but the continued rise in ETH’s value has left many to ponder on the decision to leave BTC in favor of Ether. To make matters worse for BTC holders, the market dominance for Bitcoin had also decreased and is currently beneath 43%.
Nearly all altcoins in the red
Lately, many altcoins have been able to surpass previous expectations in order to consistently grow in price, market cap, and value. Among these were the likes of ETH, BNB, ADA, LTC, and more. However, nearly all of the altcoins are currently in the red at the moment, and many investors hope that the cryptocurrencies will be able to recover from this sooner rather than later.
To provide some perspective, Ripple (XRP) had dipped by 10%, Polkadot (DOT) had dipped by 12%, Binance Coin (BNB) had decreased by 5.5%, Chainlink (LINK) had dipped by 12%, Litecoin (LTC) dipped by 12%, Ethereum Classic (ETC) decreased by 17%, and Bitcoin Cash (BCH) had dropped by 12% all in the time span of 24 hours, thereby showing just how volatile the cryptocurrency industry can be.