Bitcoin has failed to break above $30k today, as it slumps to $29,709 on CoinMarketCap. The crash has added to the decline of the entire market as the capitulation persists.
On Tuesday, Bitcoin declined to $29,548 which is a significant decrease from a $64k all-time high in the middle of April.
Estimating the total losses in the cryptocurrency market, over $200 billion has been wiped off market cap of these assets. Altcoins have also incurred similar losses and a lot of them have persisted in major red candles since last week.
Ethereum has lost over 7.39 percent and is currently trading a little above $1,700. Binance Coin and Cardano bought went down in double digits at 12 and 11.5 percent respectively. XRP and DOGE decreased by 8 percent each while Polkadot submerged at 13 percent.
Despite the capitulating market, BTC has maintained a clear lead over other digital assets. The cryptocurrency currently dominates the market with a 46 percent dominance ratio.
Crypto Market Collapse Continues
Just as we know, the crypto market is persisting on the downside for weeks. The bearish scenario sprouted in May after the issues of Bitcoin energy were raised by Tesla and fueled by China after it banned miners.
For a long time, most experts have speculated that the market would recover but the realization appears distant. The present bear was fostered by a downturn in the market and the overall bearish prediction that Bitcoin and altcoins are bound to sink further. The speculation is that the market is entering a period perceived to be the “Crypto Winter” in popular crypto terms.
Nevertheless, investors are keeping up the hope that the declines are short-term and would be out of the picture soon enough.