Bitcoin and most alts kept plunging yesterday and charted new yearly lows.
The market as a whole, and Bitcoin in particular, have seen better times as the asset has fallen to multi-year lows around $15,500.
The alternative coins also suffered greatly, although some, like SOL and FTT, had remarkable drops.
Bitcoin Prices Fall To Roughly 2-Year Low As Crypto Market Suffers Widespread Losses
Concerns about the failing exchange FTX have caused the price of bitcoin to tumble recently, reaching its lowest level since late 2020.
The biggest cryptocurrency in the world fell to $16,446.00 this afternoon on Trading View.
According to Trading View estimates, the digital asset has fallen by more than 70% from its all-time high of more than $60,000 late last year.
Additionally, it had reached its lowest point since about November 2020.
According to new trading View data, Ether, the second-largest cryptocurrency by total market value, was also down, having earlier today dropped below $1,140.
The market is mainly unregulated, and investing in cryptocurrencies or tokens is quite speculative. Anyone thinking about it should be ready to lose whatever they invested.]
The aforementioned cryptocurrency, which is a native asset of the decentralized application platform Ethereum, had lost more than 10% of its value over the previous day as of the time of this writing.
Other significant cryptocurrencies had experienced significant drops, including Binance Coin and Cardan’s ADA.
Slow Bleed for Altcoins
At this time, the altcoin market has been flat lining for a few days. This caused the absolute market capitalization to go below $1 trillion and is currently hovering at $950 billion, just before Bitcoin started to devalue.
The cryptocurrencies have seen small reversals over the past few hours, unable to recover from last week’s declines.
According to the heat map above, Ethereum is trading at about $1450, down almost 3%. Additionally to XRP, ADA is down 3.7%. BNB is also down by almost 1%. AVAX, which is down more than 10%, is one of the more significant washouts from the prior day.
Overall, there aren’t many cryptographic payment methods that are profitable, with LTC driving the graphs with a 2% minor increase.