(CTN News) – Since Thursday, the total market cap of cryptocurrencies has dropped below $1.4 trillion, a loss of around $70 billion.
While most altcoins have seen significant price falls, Bitcoin is one of the only digital assets that has seen moderate daily declines.
After a 12% tumble, Avalanche is back in first place, followed by APT, LDO, FIL, NEAR, OP, and a slew of others.
Alts Dump Hard
Not long ago, the majority of cryptocurrencies reached remarkable local peaks and were flying high. But now everything has changed, and red is the color that rules the charts.
It was reported that BlackRock has formally applied for a spot ETH ETF, which caused Ethereum’s price to jump to $2,100. However, the value of the second-largest cryptocurrency began to rapidly decline minutes later, and it is currently trading $200 below that local high.
There has been a 2% to 3% drop in the value of Binance Coin, Tron, Ripple, Bitcoin Cash, Litecoin, Toncoin, and Shiba Inu just in the last day.
Additional drops of up to 8% are reported by Solana, Cardano, Chainlink, MATIC, and DOT. Among the larger-cap alts, Avalanche has taken the biggest beating, losing 12% of its value and hovering near $20.
After a rise on Thursday, the total market cap of all cryptocurrencies has, needless to add, lost more than $70 billion, dropping below $1.4 trillion on CMC.
BTC Uncertain at $36K
With a daily gain of about $3,000, the principal cryptocurrency spearheaded the rally on Thursday. The result was a huge spike that took it above $38,000, its highest point in 18 months.
The bears once again blocked the move and prevented any additional increases, just like they did on the last effort to pass that level.
Consequently, bitcoin lost a significant amount of value in a matter of hours and fell below $36,000 later that day. Its recovery on Friday was abruptly cut short, and it is now trading at a little over $36,000.
Even though other cryptocurrencies have fallen significantly in the last day, its market cap has stayed at $709 billion, giving it a 51.7% lead.