September 30, 2022

Bitcoin Crashes $5500 Below $53K Upon Severe Correction (Market Watch)

2 min read

Bitcoin’s adverse trading days continue as the asset lost more than $5,000 because the other day’s high to an intraday low of simply below $53,000. The majority of alternative coins have followed along on the way down, and the crypto market cap has actually seen over $130 billion vaporized.

Bitcoin Fell by $5,500

Following a couple of unsuccessful efforts to recover $60,000, bitcoin stayed stuck around $58,000 for a while. However, the bears took charge the other day and changed the rate trajectory rather intensely.

After reaching an everyday high of $58,500, BTC dropped by approximately $5,500 to just listed below $53,000 (on Bitstamp).

Despite bouncing off and gaining back several hundred dollars, the primary cryptocurrency is still about 7% down on a 24-hour scale.

The sharp cost decrease also damaged BTC’s market capitalization, which dipped underneath the sought after $1 trillion earlier today. Since composing these lines, however, the metric has surged back up to that specific level.

Furthermore, bitcoin’s dominance has also suffered by dropping listed below 60%. Roughly a week ago, the metric comparing BTC’s market cap with all other cryptocurrencies was well above 62%.

BTCUSD. Source: TradingView

BTCUSD. Source: TradingView Alts in Red; But Not XRP As it usually takes place during a highly-volatile rate motion in either instructions, the majority of the altcoin market has actually followed its leader.

Ethereum leads the pack with a 7%drop to well listed below $1,700. A 4 %drop for Binance Coin to$254 has actually assisted Tether gotten rid of BNB as the third-largest cryptocurrency by market cap.

Cardano (-9%), Polkadot (-6%), Litecoin (-5.5%), and Chainlink (-7.5%) are also deep in red.

On the other hand, Ripple has leapt by more than 10% following reports recommending that XRP might be relisted on US-based exchanges. As a result, the token has actually surged above $0.56.

THETA has actually doubled-down on its recent bullish run by another 15% boost to $11. Consequently, THETA surpassed LINK in terms of market cap and is currently in the top 10.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto More losses originate from Harmony (-20%), Siacoin (-19%), Helium (-15%), Terra (-14%), VeChain (-14%), IOST (-13%), Nexo (-12%), Enjin Coin (-12%), Flow (-12%), Zilliqa (-12%), and more.

Ultimately, the cumulative market capitalization of all cryptocurrency properties has actually declined by more than $130 billion to below $1.7 trillion.