Bitcoin price dip: crypto market loses $170 billion in 24 hours.
- Bitcoin price drops below $34,000.
- Correctional trend occurred in the last 24 hours.
- Market capitalization losses amount to $170 billion with a current market value of $940 billion.
The recent plunge in Bitcoin price has led to a marked loss of about $170 billion. This correctional trend affected not only the major cryptocurrency but altcoins too. The dip below $34,000 also correlated with a market valuation drop from $1.1 trillion to $940 billion. Currently, reports indicate Bitcoin trades at about $8000 less than its recent all-time high. A record-low market capitalization value of $635 billion was also reached.
Timeline of events before Bitcoin price dip.
Before the correctional adjustments, Bitcoin has had record-high prices. Overall, these have amounted to an increase in market capitalization value.
However, reports by Finance Magnates indicated predictions of significant correctional adjustments. These preceded the market plunge that occurred after a price drop from $39,000 to $35,000. Shortly after, Bitcoin price attempted a rebound only to face selling pressure from Asian markets.
Whale Alert also reported a massive move of 3,875 BTC earlier today. The amount, valued at about $138 million, was moved to an unidentified wallet.
Trends in Bitcoin price affect Ethereum and other altcoins too.
Ethereum, Ripple as well as notable altcoins were affected too. After failing to reach another all-time high, Ethereum dipped as much as 18%. Currently, the second top cryptocurrency trades at $1,050 after losing the $1,100 price level.
Ripple dipped almost as much as Ethereum, although it has increased in value since the last week. The initial plunge in Ripple prices resulted from SEC’s lawsuits against Ripple. However, even with the crash, Ripple prices are still up about 15%.
Other notable cryptocurrencies like Litecoin, Cardano, Stellar are down by double digits.