Bitcoin price abruptly dropped by 17.65% which triggered a major downturn throughout the entire market

Bitcoin price has dropped 5.8% over the past 24 hours, spurring a slew of top cryptocurrencies in the market plunging, evaporating the overall market cap by over $ 110 billion. Over the past hours, Bitcoin has moved in a wide range and is constantly plunging. At press time, Bitcoin stood at $ 52,488, down 8% over the past 24 hours.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price plummeted causing the capitalization to evaporate tens of billions of dollars

Over the past 24 hours, Bitcoin’s price has been trading between $ 47,780 and $ 57,535 making the lowest and highest. Market capitalization pulls down to $ 1,010 billion, and transaction volume is about $ 99.5 billion.

In the market, in the top 10 dyed red, 8 large-cap cryptocurrencies have recorded a decrease from the past 24 hours. Specifically, Ethereum dropped 7.3% to 1,780 USD; Binance Coin dropped 7.4% to $ 264; Tether dropped 0.03% to 1 USD; Polkadot decreased 3.5% to 37.18 USD; Litecoin decreased 9.1%; Chainlink reduced by 7%; Bitcoin Cash is down 11.1%.

On the other side, Cardano and XRP kept the green, and XRP rose 6.1%. Total crypto market capitalization recorded at the time above stood at $ 1,630 billion, down nearly $ 110 billion from 24 hours ago.

Before the plunge, Bitcoin’s price exploded sharply, rising above $ 58,000. According to Bloomberg, the sharp increase in Bitcoin price over the weekend was mainly due to individual investors trading cryptocurrencies at home.

While cryptocurrency prices plummeted on the first day of the week could be attributed to institutional investors – who work office hours – starting to react to Elon Musk’s social media tweet. that the Bitcoin price “looks high”.

Oanda analyst Jeffrey Halley said:

“The fall in Bitcoin’s price is mainly because the market has gone too deep into bullish speculation, plus Elon Musk’s comment that the price of Bitcoin looks high.”

You can see the BTC price here.

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