September 30, 2022

Bitcoin Slides Below $35,000 as Market Cap Loses $140B in a Day (Market Watch)

2 min read

Although the weekend started on a positive note for bitcoin, it continued with price slumps, and the asset plunged by about $3,000 in hours. The altcoins are also deep in red, with ETH dumping below $2,700 and BNB beneath $400 – the market cap lost another sizeable chunk of value in a day.

Bitcoin Struggles at $36K

The workweek was actually going well for the primary cryptocurrency as it was gaining traction and even jumped to a six-day high of $39,500. However, the inability to break above $40,000 and Elon Musk’s latest controversial engagement drove the asset south to around $35,500.

As reported yesterday, though, bitcoin started its recovery session and headed towards $38,000. Nevertheless, it failed to sustain its movement and started losing value in the past 24 hours again.

More specifically, BTC dumped by about $3,000 to an intraday low beneath $35,000. Despite bouncing off to $36,000, bitcoin is still more than 4% down on a 24-hour scale.

Moreover, the cryptocurrency’s market capitalization is again below $700 billion, while the dominance is just over 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Bleed Out Heavily

As it typically happens when there’s a retracement for bitcoin – the alternative coins have it even worse. Ethereum was riding high yesterday above $2,800, but the market correction has driven it below $2,700.

Binance Coin’s performance was also quite impressive. BNB had jumped to an intraday high above $420. Nevertheless, the asset is also deep in red on a 24-hour scale and struggles below $400.

Cardano (-5%) is down to $1.7, DOGE (-5%) trades at $0.37, XRP (-5.5%) is well beneath $1, while DOT has lost the most from the top ten with a 8.5% dump to $24.

UNI, ICP, BCH, and LINK are also well in red from the larger cap altcoins.

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

The situation with the lower- and mid-cap altcoins is somewhat similar. THORChain (-11%), Fantom (-11%), PancakeSwap (-10%), Kusama (-10%), Terra (-10%), and BakeryToken (-10%) are among the double-digit losers.

Ultimately, the cumulative market capitalization of all cryptocurrency assets had lost $140 billion in a day at one point. It has recovered slightly to above $1.6 trillion, but it’s still $100 billion down since yesterday.