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Crypto Market Cap Falls By $80 Billion In A Day As Bitcoin Dumps Below $40K

The crypto market cap declined by about $80 billion today as Bitcoin dropped to a monthly low beneath $39,000.
The crypto markets are on another roller coaster ride today, with bitcoin slipping below $40,000 and many altcoins dumpings as well. Ethereum has taken it on the chin losing over 5% of its value to sit at just under $3,000 per coin. Other altcoins like Terra, Ripple, Solana, Cardano and Polkadot also had substantial price losses. 
Related Reading | TA: Ethereum Slides Below 3K, Why Bears Could Aim $2.5K
Altcoins Enter The Red Sea As Bitcoin Drops
With little-to-no substantial price movements for most of this week, today is a different day for altcoins. The market has been tumultuous, and prices are swinging back and forth throughout the day. As a result, most altcoins are recorded in red with the day started. 
The price of Ethereum has continued to drop, now below $3k for the third time this month. The cryptocurrency is leading an adverse trend, with other coins following suit and falling by almost 5%.
The Binance coin struggled to maintain its position at around $400 after a 3.5% decrease in the last 24 hours. However, things are starting to look up for this cryptocurrency as of late Sunday evening, when prices were close to $420 per coin.
Today, the big movers are Cardano with a 7% decrease and Ripple 6% decrease. Some other notable tokens are Shiba Inu, whose value dropped 6%, Polkadot, with a 7% decline over the last 24 hours, and Dogecoin declined 6%.
The cryptocurrency market has been rough today, with many coins losing 10% or more. The biggest losers include KNC (-11%), Filecoin (-11%), ZILIQA (-10%). Others, including EOS and STEPN, both lost 10% of their value today. 
Eventually, The crypto market cap is down $80 billion and now sits at $1.8 trillion.
Crypto Market cap is recovering after hitting its month low of $1.75 trillion | Source: Crypto Market Cap by Tradingview.com
Bitcoin Falls To Monthly Low
Bitcoin found itself in the headlines this past week, as it fell from $45,000 to around $40,000. The cryptocurrency had relaxed for much of last night above $40,000 and even took a swing at $41,000. 
Although bitcoin held onto its value above $40,000 over the weekend, the bears came out in force and pushed prices below $40,000 for the second time in ten days.
Related Reading | Bitcoin Traders Long The $39K Dip, Will BTC Head In Expected Direction?
In today’s dump, Bitcoin fell by $38,600, the lowest price mark since March 16. Bitcoin has risen a few hundred dollars after falling to its month low, but its market capitalization is still below $750 billion. 
The price of bitcoin has been tightening in recent months. However, a capitulation event, where traders are predicting a downward trajectory for the cryptocurrency’s value, could be brewing at any time.
 
Featured image from Pixabay.com and chart from Tradingview.com

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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