Bitcoin’s nosedives continued in the past 24 hours as the asset just doesn’t seem to stop losing value. Most altcoins are in a similar or even worse position, with massive price drops from Ripple, Solana, Cardano, Shiba Inu, Polkadot, and others. In contrast, NEAR Protocol is among the few gainers.
The Bitcoin dump at $33,000
Just four days ago, the leading digital asset hit $40,000 following the last FOMC meeting. Although it failed to break above that level, it held close to it for several hours before the market outlook changed completely.
In just a matter of hours, BTC dumped by $4,000 to a multi-week low (at the time) of $36,000. While that was a substantial price drop of its own, it wasn’t the end. As reported yesterday, bitcoin slid below $35,000 to chart a new local bottom – this time, the lowest since late January.
However, that was not all either, as the cryptocurrency once again fell to just over $33,000. This is its lowest daily closing price since the summer of last year.
As of now, bitcoin still struggles around that level. As such, its market capitalization has taken another hit and is now down to $635 billion.
Altcoins continue to lose value
Similar to bitcoin, most alternative coins have also fallen in recent days. Many have themselves recorded multi-month lows.
Ethereum touched $3,000 earlier this month, but it has lost over $500 since then. Another 4.5% decline in the past 24 hours brought the second-largest cryptocurrency well beneath $2,500.
Binance Coin (down 5% in one day) is now trading at $340 after surging above $400 less than a week ago. Terra and Dogecoin fell by similar percentages.
Ripple, Solana, Cardano, Polkadot, Avalance, and Shiba Inu have lost even more substantial chunks of value.
The NEAR protocol is one of the few exceptions, with a notable price increase of 9%. Therefore, NEAR is trading above $11.
Nevertheless, the cumulative market cap of all crypto assets is down to just over $1.5 trillion. This means that the metric has seen about $300 billion gone in four days.
