Bitcoin Crashes Towards $18,000, Crypto Markets Lose $80 Billion Daily (Market Watch)

The price of bitcoin took another turn for the worse in the past 24 hours, dumping towards a multi-month low of $18,400.

The altcoins are in even worse shape, with significant double-digit losses from Ethereum, Ripple, Cardano, Polkadot and more.

Bitcoin heads towards $18K

It was just over a week ago when the primary cryptocurrency rose high and approached $23,000. This was a multi-week high of its own, but the asset failed to stay there for long.

When the US CPI numbers came out, BTC fell to $20,000. A day later, it was already suffering below the coveted line.

The weekend brought some calm and positivity at one point, as bitcoin drained $20,000 on Sunday. However, the landscape changed in the last 12 hours.

BTC began to dump again, first to below $19,000 and later to its lowest price position in three months – to $18,400. As such, the market cap has fallen to $350 billion, and the dominance over altcoins is at just over 39%.

Altcoins covered in red

The alternative coins also charted some gains yesterday, but the situation with them now is even worse.

Ethereum is among the worst performers, contrary to what many expected after the merger. The asset stood at $1,600 on Thursday when the migration from PoW to PoS was completed, but plunged to $1,500 hours later.

As of now, it is struggling to stay above $1,300 after another 10% daily decline. ETH has declined by more than $300 since the merger took place.

The rest of the larger altars are also in pain. Binance Coin and Tron seem to take this retracement less violently, with drops of “only” 6.5% and 5% respectively.

However, Ripple, Cardano, Polkadot, Shiba Inu, Polygon, Avalanche and Uniswap have all dropped by double digits on a daily basis.

With the low- and mid-caps in a similar situation, it’s no wonder that the total market cap for crypto has dropped by nearly $80 billion in a day. The estimate is close to breaking below $900 billion for the first time in months.