$120B Erased From The Crypto Markets in 48 Hours, As Bitcoin Falls To $20k Levels

Over the past 24 hours, Bitcoin’s recent declines have continued, and the commodity has reached a fresh three-week low of around $21,000.

Similar circumstances exist for Ethereum, which continues to lose $100 every day. Shiba Inu is one of the few altcoins with a strong profit margin at the same time.

Up until five days ago, things were pretty good for the main cryptocurrency. It had soared to a two-month high of about $25,200 at that point.

But it couldn’t remain there for very long. Just after the local peak, it decreased by more than $1,000. BTC settled down and stayed there for a day or two, but then the bears came back and drove it down another grand.

When bitcoin dropped to $22,000 yesterday, the situation got worse. The bulls suffered considerably more over the past 24 hours as BTC dropped below $21,000 to mark its lowest price position in almost three weeks.

Bitcoin Drags Down Other Altcoins

Yesterday, the majority of alternative coins, including the biggest one, followed BTC south.

The value of ETH has been steadily decreasing. It has already fallen below $1,650 after another daily decline of 5.5%. The asset reached a 74-day high above $2,050 last weekend, which means that it has dropped $400 during this time.

Cardano is also down for the day, down 3% from the previous day. Because of this, ADA struggles to break $0.5. 

In contrast, the daily performance of Binance Coin, Solana, Dogecoin, Tron, and Avalanche is somewhat positive. Shiba Inu has experienced the most recovery in a day, up 5% to $0.000014.

The majority of the lower- and mid-cap alternative assets have marginal gains, while a few have negligible losses. Another $20 billion has been lost, bringing the total market value of all crypto assets to just over $1 trillion.