Monero | Crypto Markets Lost $50B Following Wall Street Tuesday Crash: Market Watch

Crypto Markets Lost $50B Following Wall Street Tuesday Crash: Market Watch

Bitcoin failed at decisively overcoming $25,000 once again yesterday, and the subsequent rejection brought it back down to just below $24,000.

Most altcoins have suffered even more on a daily scale, with MATIC, OKB, SOL, and several others dumping by around 7%.

Bitcoin Mimicks Wall Street

The past several days, more precisely since the end of last week, were highly volatile for the primary cryptocurrency. It skyrocketed to and beyond $25,000 on Thursday, registering a six-month high, before dumping just as rapidly to under $23,500.

Another two attempts to overcome $25,000 followed in the past few days, with the latest coming yesterday. It took bitcoin all the way up to $25,200, but the asset failed once again. The subsequent rejection drove it south hard and bitcoin found itself slipping below $24,000 earlier today.

This nosedive came amid the crash on Wall Street. The three most prominent US stock market indexes all closed in the red. The S&P 500 and the Dow Jones declined by 2% in a day, while the Nasdaq Composite dropped by over 3%.

BTC’s latest price drop has taken the asset’s market capitalization down to $465 billion. Its dominance over the alts has increased slightly to 42.6%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Dark Red

The two largest altcoins (aside from stablecoins) by market cap – Ether and BNB – have declined by similar percentages as BTC in the past 24 hours (2-3%). As a result, ETH stands below $1,650, while BNB is under $310.

More daily losses are evident from Cardano, Polkadot, and Shiba Inu (-4%). MATIC and Solana have lost the most from the top 15 alts, declining by more than 6% in a day.

Dogecoin, Litecoin, and Avalanche have charted insignificant gains. However, Filecoin has resumed its recent streak by surging by almost 9% in a day. Consequently, FIL now trades above $8.6.

Overall, though, the total crypto market cap saw roughly $50 billion gone at one point and has dropped beneath $1.1 trillion on CMC.

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

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Cryptocurrency charts by TradingView.

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