The last few days in the Bitcoin and crypto market have had a powerful impact from the bears. The prices of most crypto assets have taken their toll in the South beyond expectations. Additionally, the entire market is seeing a decline due to the collapse of the FTX exchange.
The outcome of recent events has raised more doubts in the crypto space. Bitcoin dipped significantly and broke below the $16,000 region. However, altcoins are not left behind in the downtrend. Many assets have broken below their critical resistance levels, signifying a potential emergence of a rough patch in the crypto market.
Following the continued decline, the crypto market lost around $60 billion in just two days. This pushed the cumulative market capitalization down below $800 billion. The value sits at $785.71 billion at press time, indicating a decline of 1.53% in the past 24 hours.
In the last fortnight since the FTX fiasco, the crypto market has lost around $300 billion. This lowered the market capitalization of its coveted $1 trillion region.
Drop in bitcoin price
The performance of the main cryptocurrency has been less impressive in the declining crypto market. Bitcoin failed to break above the boundary of the $17,000 region throughout the past week. Without volatility, the weekend was repressive for the token as it hovered around $16,600 for two consecutive days.
Monday marked a different dimension for Bitcoin as the price of the token fell to $16,000. Gradually, BTC moved south to eventually reach a new two-year low of $15,660.
A blockchain analytics firm, Glassnode, reported that Bitcoin’s current price has caused unrealized losses for whales.
As of this writing, BTC is trading at $16,142, marking growth. Its market capitalization is $308.23 billion and its altcoin dominance is 38.69%.
Altcoins stuck in the wrong trend
The story is no different for altcoins as well. Ethereum has suffered from the current situation. The past 48 hours have seen a loss in value for the second-largest crypto asset. Although Ether was slightly above the $1,200 level on Sunday, the token has been falling since Monday.
ETH finally hit a new multi-week low as it broke below $1,100 during the early hours of trading today, November 22. At the time of writing, Ethereum is swinging sideways around $1,121.
Other altcoins with lower daily declines include Cardano, Binance Coin, Polygon, Dogecoin, Tron, Shiba Inu, and Polkadot. However, Chainlink and Litecoin recorded gains despite the market’s downward trend. Both tokens have seen an increase of up to 3% in the last 24 hours.
Featured image from Pixabay, chart from TradingView.com