Crypto Markets Lose $90 Billion in 2 Days as Bitcoin (BTC) Loses Its $67,000 Level (Market Watch)

Bitcoin’s failure to breach the $70,000 mark led to immediate selling pressure, with the asset falling below $67,000 in the past few hours.

Altcoins are also in the red and the total crypto market cap has declined to just over $2.4 trillion from the local high of $2.5 trillion recorded Monday morning.

BTC slips below $67,000

After finishing a very positive week of trading last Friday, the leading cryptocurrency calmed down over the weekend. It rose from $62,500 last Monday to $69,000 on Friday before falling slightly to $68,000 on Saturday and Sunday.

Monday started on an even more favorable note, as the asset jumped to $69,500 for the first time since late July. However, he failed to continue his rise and was quickly rejected before he had the chance to challenge $70,000.

This led to an immediate price decline which brought it down to $66,600 yesterday. It has since attempted to rebound, but the bears have continued to push it lower and the cryptocurrency is now trading well below $67,000.

Its market cap dropped to $1.320 trillion on CoinGecko, but its alt dominance increased from 54.5% yesterday to 54.8%.

Alts See Red

BTC’s growing dominance during periods of Bitcoin corrections only means one thing: altcoins have it worse. Among the largest caps, the worst performing stocks include SUI, APT, UNI and WIF. All of these prices have fallen by more than 5% in the last 24 hours.

Most of the remaining alts in the top 36 bracket are in a similar state but with slightly less painful falls. XRP, DOGE, LINK and AVAX fell around 3-4% each. ETH and BNB are down 1.5% below $2,600 and $580, respectively.

The cumulative market capitalization of all crypto assets dropped to $2.41 trillion on CG. That means the metric has fallen by about $90 billion since Monday’s peak.