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Cryptocurrency markets lost $80 billion in just hours as Bitcoin (BTC) fell below $69,000 (Weekend Watch)
History does not rhyme but tends to repeat itself, which is what has happened in the cryptocurrency sector in recent weeks.
In this case, Bitcoin and the rest of the market fell heavily on Friday evening, similar to previous events.
BTC Friday drop
It was last Friday when the leading cryptocurrency tested $69,000 but failed and the subsequent rejection pushed it south of over two thousand dollars. The weekend was fairly quiet as the asset recovered some ground and settled at around $67,500.
Further gains occurred on Monday as BTC briefly surpassed $70,000. Despite the initial failure, it rebounded on Tuesday and crossed that line. In fact, it stood above it for several consecutive days and even reached a multi-week high of $72,000 on Friday.
However, as mentioned above, Friday’s scenario repeated itself and bitcoin was stopped at the $72,000 level. The bears pushed it hard south, and so did the cryptocurrency downloaded to a multi-day low of $68,500. It has recovered ground and now sits above $69,000, but is still down 2.7% on the day.
BTC’s market capitalization fell to $1.366 trillion, but its dominance over alts rose to 50.8% as they suffered even more.
Bitcoin/Price/Chart 08.06.2024. Source: TradingView
Alts See red
As mentioned above, the altcoin landscape is in a worse state. Ethereum has fallen by 3.5% and stands below $3,700, BNB has gone from over $710 to less than $690, while SOL has fallen by almost 6%.
Even bigger losses come from Dogecoin (-8.5%), Avalanche (-7%), Chainlink (-7%), Polkadot (-8%), NEAR (-8%), UNI (-7%), and MATIC (-8%).
FIL is the only one that recorded notable gains, while WIF, ARB and FET recorded double-digit dumping.
The cumulative market capitalization of all crypto assets has seen a decline of more than $80 billion from yesterday’s peak. Thus, the metric fell to less than $2.7 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.