Bitcoin Falls $6K in a Day as Altcoins Experience Double-Digit Losses
The total market cap of cryptocurrencies dips below $3 trillion, led by a significant drop in Bitcoin and major altcoins.
As December begins, Bitcoin’s price has plummeted by $6,000 in just one day, leading to a downturn in the overall cryptocurrency market. The total crypto market capitalization has once again fallen below $3 trillion.
Bitcoin Drops Below $86K
The leading cryptocurrency recently dropped to a low of $80,500 on November 21, followed by a recovery into the $84,000 to $88,000 range. Despite a temporary peak at $93,000, it faced rejection and dipped under $86,000, marking a significant shift in market dynamics.
BTCUSD Chart
BTCUSD. Source: TradingView
Altcoins Suffer Major Losses
Many altcoins are also experiencing declines, with Ethereum (ETH) falling below the $2,850 mark and XRP decreasing to under $2.05. Coins like BNB, SOL, and ADA saw losses of up to 8%. Meanwhile, ZEC faced a more drastic downturn of 19%, descending to $365.
A cumulative loss of approximately $200 billion has afflicted the entire crypto market in the last 24 hours, leading to a market cap of around $3 trillion as of current observations.
Cryptocurrency Market Overview
Cryptocurrency Market Overview December 1. Source: QuantifyCrypto
