Bitcoin Crashed to $25.3 but These Altcoins Have it Worse (Market Watch)

2023-08-18 08:52:04

Bitcoin’s nosedives continued in the past 24 hours with a flash crash on several exchanges that pushed it to a new two-month low of $25,300.

However, many altcoins have dumped even more than BTC. Aside from XRP, some of the others are LTC, BCH, and XLM.

BTC Dumps Hard

It was just on Monday when the primary cryptocurrency spiked to $29,700, which became a multi-day high. More positive news followed on Tuesday when Europe saw the listing of the first spot Bitcoin ETF on Euronext Amsterdam.

However, BTC ETFs seem to be sell-the-moment events, and instead of heading further south, the asset started losing ground. By Thursday, the cryptocurrency was already below $29,000.

However, the landscape worsened in the past 24 hours even more. This time, bitcoin plummeted to $25,300 on several exchanges, including Coinbase, which became a new two-month low.

Despite recovering over a grand since then, BTC is still more than 7% down on the day. Its market cap, which was above $570 billion, now struggles at under $515 billion. Its dominance over the alts has also taken a hit and is down to 48.4% on CMC.

BTCUSD. Source: TradingView## XPR Leads the Way Down

As it typically happens when there’s a big crash with bitcoin, the altcoins suffer just as badly, if not worse. Ethereum has slumped by 6% and finds itself trading under $1,700. ETH was above $1,850 just a few days ago.

Binance Coin, Cardano, Solana, Dogecoin, Polkadot, Polygon, and Shiba Inu have dumped by similar percentages.

More losses come from Ripple, Litecoin, and Bitcoin Cash. All of them have nosedived by double-digits. In XRP’s case, the 15% drawback has pushed the asset down to $0.5.

Most other lower- and mid-cap altcoins have dropped by somewhere between 5 and 10% as well. As such, the total crypto market cap has slumped by $70 billion in just a day to $1.060 trillion. The metric has seen more than $100 billion gone since Tuesday.

Cryptocurrency Market Overview. Source: Quantify Crypto

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