Crypto Market Cap Lost $70 Billion as Bitcoin Drops Below $56K (Market Watch)

Following the latest all-time high above $58,000, bitcoin retraced by over $3,000 to a low of $55,000. Most alternative coins have also lost some steam, with Ethereum dipping below $1,900. XRP is among the few exceptions with a 10% surge to $0.58. Meanwhile, the total market cap has dropped by around $70 billion.

$3,000 Drop For BTC After A New Record

The primary cryptocurrency had a wildly positive week in which the asset gained over $12,000 of value from its lowest point of $46,000 to several consecutive all-time highs. The latest record came just yesterday after BTC reached $58,400, which stands now as the current all-time high.

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However, the bears took charge at this point and didn’t allow any further increases. Just the opposite, they drove the cryptocurrency south, and in the following hours, bitcoin lost over $3,000 of value to just north of $55,000.

Nevertheless, BTC started regaining some of its lost positions and currently hovers above the $56,000 price mark.

The technical indicators suggest that bitcoin could find further support at $55,000, $52,365, and $50,800 if its price continues retracing. Alternatively, BTC would have to overcome the resistance lines at $57,500 and $58,350 before potentially heading towards uncharted territory once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Beneath $1,900, XRP Surges To $0.60

Most of the larger-cap altcoins have retraced in the past 24 hours following days of registering substantial gains. Ethereum, which surged to a new all-time high at nearly $2,050 on Saturday, has lost almost $200 of value since then and is currently trading below $1,900.

Polkadot is also down by 2% in the past 24 hours after rising above $40 for a new record during the weekend. Cardano (-5%), Litecoin (-1%), and Chainlink (-4%) are in the red as well.

Binance Coin has regained some value since yesterday after a 6% increase to $280. However, Ripple is the most impressive performer with a near 20% surge to above $0.60. XRP’s price pump could be attributed to positive news coming from Wyoming as the blockchain-based payments firm is now a registered business in the state.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More fluctuations come from lower-cap altcoins. Pundi X leads the green part with a 53% surge, followed by IOST (48%), Fantom (40%), Holo (35%), OKB (30%), BitTorrent (22%), and Terra (18%).

In contrast, Ontology has lost the most value since yesterday (-12%). SushiSwap (-12%), Ravencoin (-11%), Horizen (-11%), 1inch (-11%), THORChain (-10%), and Uniswap (-10%) are next.

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