Over the past few days on the Bitcoin and crypto market, the bears have had a powerful impact. Prices of most crypto assets are spinning south above expectations. In addition, the entire market is experiencing a downturn due to the collapse of the FTX stock market.
The outcome of the recent events has raised more doubts in the crypto space. Bitcoin is falling drastically and has dropped below the $16K region. However, the altcoins are not staying in the bearish trend. Many of the assets have fallen below their critical resistance levels, signaling a potential draft in the crypto market.
After the continuous decline, the crypto market has lost about $60 billion in just two days. As a result, the cumulative market capitalization has fallen below $800 billion. Its value stands at $785.71 billion as of press time, indicating a 1.53% decline over the past 24 hours.
In the past two weeks since the FTX fiasco, the crypto market has lost about $300 billion. This brought the market cap down from the coveted region of $1 trillion.
Bitcoin price drops
The performance of the primary cryptocurrency has been less impressive in the declining crypto market. Bitcoin has failed to cross the $17,000 limit in the past week. Without volatility, the weekend was oppressive for the token as it stagnated around $16.6000 for two consecutive days.
Monday marked another dimension for Bitcoin as the token price fell to $16K. Gradually, BTC has moved south to finally hit a new two-year low of $15,660.
A blockchain analytics company, Glassnode, reported that Bitcoin’s current price had caused unrealized losses for whales.
At the time of writing, BTC is trading at $16,142, marking growth. The market cap is $308.23 billion and the dominance over altcoins is 38.69%.
Altcoins are stuck in the bad trend
The story is no different for the altcoins either. Ethereum has suffered from the prevailing situation. The past 48 hours saw a fall in value for the second largest crypto asset. While Ether was slightly above the USD 1,200 level on Sunday, the token has plummeted since Monday.
ETH finally hit a new multi-week low when it dipped below $1,100 during early trading hours today, November 22. At the time of writing, Ethereum is floating sideways around USD 1,121.
Other altcoins with smaller daily drops include Cardano, Binance Coin, Polygon, Dogecoin, Tron, Shiba Inu, and Polkadot. However, Chainlink and Litecoin have made some gains despite the market trend decline. The two tokens witnessed a 3% increase in the past 24 hours.
Featured image from Pixabay, chart from TradingView.com
