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BTC Lost $4K In Moments While $120B From The Market Cap Vanished

Stefan by Stefan
15/03/2021
in Bitcoin News
Reading Time: 2 mins read
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BTC lost $4K in a few hours as $120 billion from the crypto market cap vanished and Ethereum crashed to $1800 with the rest of the coins struggling as well so let’s read more in our latest Bitcoin news today.

Bitcoin’s adventure above the $60K level was short-lived as the asset retraced by about $4000 from the peak to $58,000 and most of the alternative coins slumped in value with the rest of the crypto market cap losing $120 billion in one day. The weekend was bullish for the main cryptocurrency as it added $1000 in value on Saturday before going on a new high and breaking the record high of $58,000. After a few attempts, the asset overcame the $60K price tag and continued trading north, and hit a new ATH of $61,800.

crypto market overview
Cryptocurrency Market Overview. Source Quantify Crypto

However, the cryptocurrency failed to sustain its movement upwards and reversed its price trajectory since then so in the next few hours, BTC lost $4K and got to a new low of $57,500. Bitcoin then bounced off rapidly and is now sitting above the $58,000 price line. From the technical perspective, the $55,000 and the  $56,110 are the next support levels that could help BTC shoot more south. The asset could have to overcome the resistance lines of $60K and $62,170 to resume the bull run but from a technical perspective, the $57,690 and the $55,000 are the next support levels that will help the cryptocurrency head south. The asset will then have to overcome the resistance lines of $60,000 and $60,736 to resume the bull run.

BTCUSD
BTCUSD. Source TradingView

Further price fluctuations can be seen from the lower and mid-cap altcoins like PundiX that lost most value since yesterday by 20% to $0.0033, CRO by 13%, NEAR by 12%, Zilliqa by 11%, and BTC gold by 11%. Despite the very few gainers like Harmony, Holo, and Enjin coin that gained 45%, 72%, and 43% respectively, the cumulative market capitalization of all crypto assets suffered a major 24-hour blow. The metric reached a new peak of $1850 trillion a day ago but then lost about $120 billion.

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Also, we can see that DOT is one of the bigger gainers as it is preparing to surge higher towards $40. DOT is holding the ground above the $35 level and the $36 level against the US dollar with the price trading nicely above the $35 support and the 100 simple moving average near the major bullish line that is forming with the support at $35.80 on the 4-hour charts.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bitcoin analysisbitcoin lostbitcoin market capbtc lost $4KBTC marketbtc pricecrypto market capfeaturedmarket cap vanished
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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