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

Bitcoin’s adverse trading days continue as the asset lost more than $5,000 since yesterday’s high to an intraday low of just beneath $53,000. Most alternative coins have followed along on the way down, and the crypto market cap has seen over $130 billion evaporated.

Bitcoin Fell by $5,500

Following a few unsuccessful attempts to reclaim $60,000, bitcoin remained stuck around $58,000 for a while. However, the bears took charge yesterday and changed the price trajectory rather vigorously.

After reaching a daily high of $58,500, BTC plummeted by roughly $5,500 to just below $53,000 (on Bitstamp).

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

The sharp price decline also harmed BTC’s market capitalization, which dipped beneath the coveted $1 trillion earlier today. As of writing these lines, though, the metric has spiked back up to that particular level.

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

BTCUSD. Source: TradingView

Alts in Red; But Not XRP

As it typically happens during a highly-volatile price movement in either direction, the majority of the altcoin market has followed its leader. Ethereum leads the pack with a 7% drop to well below $1,700.

A 4% drop for Binance Coin to $254 has helped Tether overcome 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.

In contrast, Ripple has jumped by more than 10% following reports suggesting that XRP could be relisted on US-based exchanges. As a result, the token has surged above $0.56.

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

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

Further losses come 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 assets has declined by more than $130 billion to beneath $1.7 trillion.

SPECIAL OFFER (Sponsored) Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.