Over the past 24 hours, Bitcoin has barely held above $30,000, causing further pain in the cryptocurrency market. Most altcoins are in much worse shape, but nothing has lost more value than Terra in the last few days.
Bitcoin Struggles At $30K
It is safe to say that the underlying cryptocurrency has seen a better day. It’s been less than a week since I’ve challenged $40,000 but haven’t been on track. After staying a little below that level, the market plummeted and BTC led the headwind.
First, the asset plummeted $4,000 and hit multi-state lows below $36,000. It was a painful price drop in itself, but it was only the beginning. A few hours later, the bears were once again pushed south and Bitcoin plummeted to $33,000.
Things got worse yesterday, when BTC lost more than $3,000 and fell below $30,000 for the first time since July of last year. That means $10,000 was dumped in about 4 days.
I tried to recover and it soared to $32,500, but that was short-lived. Currently, Bitcoin is struggling at around $31,000 and its market cap has plummeted below $600 billion.
Massive loss between Alts
As with other markets, Ethereum is in a slightly better position today, despite its value plummeting over the past few days. After dropping to $2,200 yesterday, it is down another 2% to remain at around $2,350.
The remaining large capitalization substitutions are shown in red. Binance Coin struggles to stay above $300 even after dropping 6.5%. Solana, Cardano, Dogecoin, Polkadot, Shiba Inu and MATIC all plunged around 10% in the last 24 hours.
Avalanche and the NEAR Protocol ditch more. AVAX is down 22% while NEAR is down 20%.
Nevertheless, Terra once again lost most of its value. LUNA is down 85% per day, down to $5 per year. What’s more, assets fell 95% over the past week.
Overall, the cryptocurrency market cap fell to $1.35 trillion, the lowest since July.
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