Cryptocurrency markets saw a steep decline in the second week of January, with around $60 billion evaporating from the total market capitalization. Bitcoin experienced the brunt of the correction, slipping below $28,000 and trading around that level as of Sunday night. The asset's market capitalization amounts to $540 billion, whereas total crypto market cap stands at $1.115 trillion. The downfall in crypto markets began on Friday when Bitcoin surged to $30,000 and almost touched the milestone price level before losing value. The past 48 hours witnessed a significant sell-off, caused by weak buying and selling pressure. Bitcoin experienced some of the worst losses while Ethereum, Binance Coin and Cardano all saw a 3-4% decline in prices. Some of the altcoins have suffered even more, like Polygon, Ripple, Shiba Inu, and Avalanche - each dropping by 5% and below. High volatility caused the crypto market to lose $40 billion in a single day and $60 billion overall in the past two days.



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