The situation in the cryptocurrency market worsened in the last 24 hours when bitcoin fell below $ 60,000 for the first time since the end of October. Aside from a few exceptions, most altcoins also faded, with massive price drops for Binance Coin, Solana, Cardano, Terra, Litecoin, and more.
Bitcoin is below $ 60K
Precisely a week ago, on November 10, the top cryptocurrency was rising and hit a new high of $ 69,000. However, many things can change in seven days in the cryptocurrency market.
Instead of challenging $ 70,000, the asset reversed its trajectory and was unraveled into several thousand dollars in hours. It calmed around $ 65,000 briefly and even jumped above $ 66,000 on Monday, but was short-lived.
What reported yesterday bitcoin plummeted to just over $ 60,000, losing $ 6,000 in one day. However, since then, the situation has escalated further with the cryptocurrency shedding $ 60,000 for the first time since October 28.
Furthermore, BTC fell to $ 58,600 (on Bitstamp) before recovering several hundred dollars. As of now, it is still well below $ 60,000 and its market capitalization has dropped to $ 1.120 trillion.
Altcoins in red
Alt currencies have also suffered in recent days. Ethereum is down another 3.5% since yesterday and is trading below $ 4,200. A week ago, the second largest crypto posted a record of its own of almost $ 4,900, but it has been down more than $ 700 since then.
Binance Coin was also booming amid new projects launching on its platforms. The token rose to a six-month high above $ 650. Now, however, BNB is down to $ 560 after another $ 8.5% drop.
Solana, Cardano, Polkadot, Shiba Inu, Terra, Litecoin, Chainlink, Ripple, and Dogecoin are also in the red. On the contrary, Avalanche and CryptoCom coin are the only two in green of the largest caps. AVAX is up 6% to $ 96, while CRO's 6.5% rise has brought it to $ 0.45.
Sandbox and IOTA have also posted some gains in the last 24 hours, with SAND trading at $ 3.3 and IOTA approaching $ 1.4.
However, UMA (-16%), Livepeer (-15%), KuCoin Token (-13%), Zcash (-12%), PancakeSwap (-12%), ICON (-11%), VeChain (-10 %)), and more, are all in red.
Hence, the crypto market capitalization has dropped by $ 100 billion once again to $ 2.7 trillion on CoinGecko.
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