Altcoins See Double-Digit Slumps As Bitcoin Crashed To $42K

Altcoins see double-digit slumps with Bitcoin crashing to $42K and reaching a two-month low with the market drowning in red today. Let’s check up on the latest altcoin news and analysis.

The altcoins see double-digit slumps while Bitcoin went to one of the worst crashes in its lifetime as it dumped by $16,000 in a matter of hours to a two-month low of $42,000 and most of the altcoins got into the deep red bloodbath with the losses as the entire market cap went down by $600 billion at one point.

A lot can change in the crypto market like for example, until 24 hours ago, the most bearish case that we saw for Bitcoin was that it was unable to breach $59,000 despite the three attempts in a week. However, the asset was preparing for another leg up to the particular line as the bears came to bring it all down. The main cryptocurrency started dumping in value and initially dropped to $51,000 with an $8000 daily drop but that was not the end of it. Hours later, BTC found itself dropping to $42,000 which became the lowest price point since late September.

After the huge $16,000 crash in one day, BTC reclaimed some ground but still remained down by 17% and hovered around $47,000. Its market cap was near $1.1 trillion and it is now down to below $900 billion. The 24-hour liquidations surged to $2.5 billion following the enhanced volatility with mroe than 400,000 traders liquidated. As it usually happens when BTC dumps hard, altcoins follow, Ethereum for example went from $4670 to $3500 but after the huge dump, ETH stalled below $3900 and it marked a 15% drop on the day. The situation with the rest of the altcoins is similar and maybe even worse as the double-digit price drops are evident on the left and on the right.

Some of the examples include Binance Coin that dropped by 13%, Solana which dropped by 18%, Ripple by 26%, Cardano by 20%, Avalanche by 15%, and Dogecoin by 25%. Shiba had its worst time also as it dropped by 15%. with almost all coins being in an adverse state, the cumulative market cap of all assets dropped from $2.6 trillion to over $2 trillion and it Is now sitting around $2.2 trillion which means it still recorded a $400 billion drop in one day.