Crypto Markets Lost $90B in 2 Days as BTC Slips Below $28K: Market Watch

The crypto markets have experienced a massive loss of $90 billion in just two days as Bitcoin (BTC) slipped below the $28K mark. The sudden market downturn has triggered massive sell-offs and panic in investors, leading to a sharp decline in the value of other cryptocurrencies as well. Market watchers are closely monitoring the situation and trying to assess the factors behind this drastic slide in the crypto market.

Bitcoin Continues to Slide Below $28K, Taking Altcoins Down With It

Bitcoin has been on a rollercoaster ride over the past few days. Despite briefly reclaiming the $30,000 line, BTC suffered several drops and finally broke below $28,000 for the first time since April 9. As a result, the market cap lost almost $90 billion in the past two days alone.

BTC was trading sideways during the weekend, and it wasn’t until Tuesday that it finally made a move, dropping by a grand to $29,100. However, the bulls quickly intercepted the move and pushed the asset north. Unfortunately, the bears returned shortly, pushing the price more than $1,000 down, and resulting in breaking below the $28K level.

Currently, BTC is struggling to maintain this level, being down approximately 3% on the day and over 8% on a weekly scale. Its market capitalization also lost ground, struggling at way beneath $550 billion. However, despite these bearish trends, BTC still has some dominance over the altcoins market at under 46%.

Similar to bitcoin, most alternative coins have not escaped the bearish market. Ethereum went on to chart an 11-month high after the Shapella update last week, but has since lost over $200. Ripple, Cardano, Polygon, Solana, Polkadot, Litecoin, Shiba Inu, and Avalanche are also deep in the red, with losses of up to 5% in a day. Dogecoin has dumped the most (-8.5%), possibly due to the asset’s relationship with Elon Musk.

With mid and low-cap alts like ICP, NEAR, GRT, charting substantial losses, the total crypto market cap has tumbled beneath $1.2 trillion, losing roughly $90 billion in the past two days.

In conclusion, as Bitcoin experiences a bearish run, it’s highly likely that the altcoins market will continue to tumble as well. There may still be slight recoveries here and there, but the general trend for now is negative. Therefore, it is important to keep a close watch on the market in order to make informed investment decisions.

– Bitcoin Falls Below $28K: Record Market Cap Losses for Altcoins
– Bearish Season in the Crypto Market: BTC and Altcoins Struggle as Market Cap Dips

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