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.
Izabella Allen
- 2023-05-08
Bitcoin Price Plummets as Crypto Market Sees a $60 Billion Loss
Crypto markets have experienced a huge downfall in the second week of January, with $60 billion evaporating from the total market capitalization. Bitcoin has seen the worst of it, dropping below $28,000, and the volatility of altcoins has resulted in daily losses of $40 billion.
![CandleFocus Cryptocurrency-Bitcoin-Altcoins-MarketCap-Volatility](https://images.candlefocus.com/Bitcoin-Price-Plummets-as-Crypto-Market-Sees-a-dollar60-Billion-Loss.jpg)