After several days of upward trading, much of the crypto market has plummeted in value over the past 24 hours. Bitcoin lost 4 thousand dollars and ETH fell below 4 thousand dollars.
After hitting a new 3-week high of $59 600, Bitcoin fell by about $4 000 in a matter of hours. Most of the alternative coins followed suit. Red is the dominant color today as nearly $200 billion has disappeared from the total market capitalisation.
While BTC hasn’t been able to break the $60 000 mark, it has actually shown a lot of promise in the past few days.
The cryptocurrency reached its maximum level in 3 weeks at $59 600.
However, when the community began to expect another step up to $60 000 and more, the bears got behind the wheel.
In the following hours, Bitcoin began to lose value rapidly. As a result, the leading cryptocurrency fell more than $6 000 to an intraday low of just under $53 600.
Despite the rebound and recovery of several thousand dollars, BTC still fell about 6% on a 24-hour scale. In addition, Bitcoin’s dominance in the market continues to fade and has now dropped below 43%.