Bitcoin’s dominance is on the rise, as the altcoins have plummeted by double digits (again).
The cryptocurrency markets plummeted on Friday evening, and the same violent scenario was repeated once again on Saturday.
The entire market has bled out, with another $200 billion leaving the space. The total liquidations have skyrocketed to $700 million after the $900 million last night.
It was all going well for the primary cryptocurrency until Friday evening, as the asset had calmed at around $70,000-$71,000. However, the situation changed following the latest US Fed speeches that didn’t hint at any significant changes in the central bank’s monetary policy in terms of interest rate reduction.
In a matter of minutes, BTC slumped by five to six grand, dumped to $65,000, and left approximately $900 million in liquidations from almost 300,000 traders.
While that market crash also harmed other asset classes, like Wall Street and gold, today’s developments are only for crypto, given that it is an open market that never stops trading.
Bitcoin, for instance, had recovered some ground and traded at around $67,000. However, it dumped once again, this time to a multi-week low of around $61,000 in the past few hours.
The altcoins have bled out even more. Double-digit price losses are evident from almost all of them, including SOL, XRP, BNB, DOGE, SHIB, AVAX, and many more.
The total crypto market capitalization has declined by around $200 billion in a day and more than $400 billion since Friday morning.
These price fluctuations have liquidated another 220,000 traders in the past 24 hours. The total value of wrecked positions is at $800 million in the same time frame, according to CoinGlass.
It seems the latest price crash has come to fruition after the escalating tension between Israel and Iran.
Source: cryptopotato.com
