It appears a crypto winter is imminent considering the current state of the market. The major tokens have dropped in value in the last 2 days and over the last week. Coins like Cardano (ADA), Ethereum (ETH) and market leader Bitcoin (BTC) are just a few notable mentions among the many tokens that have suffered steep falls in the last 2 days of trading.
If the current wave isn’t averted soon, then we can expect a fresh crypto winter at any time. The big Bitcoin correction hasn’t been unexpected to say the list. The current atmosphere it left the rest of the crypto market in isn’t healthy. A sort of altcoin apocalypse has made the past Sunday one to remember. Things didn’t improve on Monday morning either as top assets began the day losing double digits.
Crypto Market Loses $50 Billion from Total Market Capitalization
Over the weekend (which was actually a long selloff for crypto) the entire digital currency markets have lost $50 billion in what can be described as one of the most violent retreats for the year. At the end of the past week, the total market capitalization of the entire crypto market stood at $320 billion and it seemed Bitcoin was comfortable consolidating.
On Monday morning, the total market cap of crypto markets was pushed down to $270 billion. This is the lowest level for a month. This slide actually began in mid-week after the Bitcoin price reached $13,000 before instantly retreating to form a bearish pattern.
Bitcoin Price is Now Under 11k
A 25% plus correction sent the price of BTC back under the $11k mark during the early trading hours in Asia. However, BTC price recovered back to five figures. The coin’s dominance has remained high by 66%. The altcoins, on the other hand, have been trounced leaving no survivors.
This massive altcoin exodus has actually sent many coins close to levels that may not have been seen since the past crypto winter (six months back). Meager gains in the recent months during Bitcoin’s April rally have been obliterated. This has blown away any hope of an altseason.
Cardano Records 13% Price Drop One Day, Ethereum under $300
ADA is another token that has been hit hard. The coin’s price recorded a 13% drop on the last day. It has dropped from $0.066 to $0.057 as of July 15. ADA steeply slumped from the $0.062 to $0.055 since the day began.
In the past 2 days, there has been a steep fall in the ROI and market cap of Cardano. The closing value of the digital asset yesterday was $0.059. It is still moving downwards.
Ethereum is another coin that has been crushed. The price of Ether has dropped below $300. It is now in danger of moving under $200 as well. This slide has increased the gap of the coin’s all-time high to 85% as Ethereum tumbled by 20% through the weekend.
A flash crash which took Ether price to $190 yesterday, was a sign of an impending crypto winter. Analysts expect Ethereum to record more losses if Bitcoin drops into four figures again. We can only hope that things will go back to normal soon.