Crypto market loses $ 100 billion as ETH drops below $ 3,000, BTC below $ 44,000

The crypto market lost $ 100 billion in one day while Ethereum was still struggling at $ 2900 and BTC failed at $ 44,000.

After failing to break the $ 44,000 price range, BTC is back at around $ 42,000 and most of the altcoins also dried up last day, with ETH struggling below $ 3,000. There has been a choppy volatility in the market for the past few days, especially for the number one cryptocurrency. It rebounded from a dip below $ 40,000 and rose to $ 45,000 on Friday when a new set of Chinese FUDs pushed it aside and BTC rebounded by $ 4,000 in minutes.

The weekend started on a positive note, crypto market BTC rising to $ 43,000, but Sunday’s surge started with a massive drop to $ 40,500 before a sudden surge in price sent the asset above $ 43,000.

The bulls hit it again on Monday, and BTC hit a three-day high of $ 44,300 but failed to hold it and began a gradual devaluation over the next few hours. BTC is currently back below $ 42,000 and its market cap is close to $ 800 billion. As is usually the case when BTC goes south, most altcoins will follow and ETH is leading the unfavorable trend with a 6.5% decline and a few days ago ETH was above $ 3100 but now it has dropped to 2900 $.

The rest of the larger cap altcoins are in a similar situation and include Cardano by 5%, Binance Coin, Ripple by 4% and Solana by 3%. Dogecoin fell 3% and Luna followed suit. Even more losses were noted in the small and mid cap altcoins. Perpetual Protocol fell 15% in one day and Curve DAO also fell 10%. SushiSwap is 10% cheaper, as is Aave. As a result, the crypto market has lost $ 100 billion and all cryptocurrencies are in the red.

As reported a few days ago, amid mounting uncertainty in global financial markets, crypto market, BTC fell several thousand dollars in a day to over $ 40,000, but altcoins even took a hit, more with some big double-digit discounts. Little can be seen of what has happened in the crypto market in the past 24 hours if you analyze it over the weekend two days ago. Trading volume was minimal, but BTC started climbing high above $ 48,000, which is an 11-day high. When fear of the Evergrande story increased on Monday as the cryptocurrency plummeted, it lost several thousand dollars in a matter of hours and fell to a new low of $ 42,500.

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