Market situation: 60 billion dollar market collapse in 2 days

The market value of digital currencies fell below 800 billion dollars in 2 consecutive days. At the same time, Bitcoin conditions worsened and its price fell below $16,000 to reach its lowest level in two years. The price of most altcoins also fell to less than $1,100 as Ethereum fell. Of course, there were altcoins that experienced a small price growth.

Bitcoin crash again

According to Cryptopotato, the end of last week ended without any significant event for Bitcoin; Although it tried several times to break through the $17,000 resistance, it was ultimately futile.

However, the outlook for the future began to change on Monday, when the price of Bitcoin fell below $16,000. As the day went on, the price of Bitcoin fell even more and reached 15,500, making this number its lowest price in the last 2 years.

According to Glassnode, Bitcoin’s latest price plunge pushed many whales into unrealized loss territory, along with liquidating millions of dollars in trading positions.

Currently, the market value of Bitcoin has decreased to 303 billion dollars, and the price of this digital currency is only a few hundred dollars above its lowest level of the last few years. The dominance of Bitcoin has remained at around 38.7%.

Declining market value with Ethereum falling below $1,100

Ethereum, the second largest digital currency in the market, also lost a significant part of its price in the last 48 hours. While the price of Ethereum was above the $1,200 level on Sunday, it fell below this level yesterday and continued to hit a multi-week low below $1,100.

Binance Coin, Cardano, Dogecoin, Polygon, Polkadat, Shiba and Tron also experienced a slight price drop. Meanwhile, Ripple was the only asset among the top 10 digital currencies in the market whose price increased.

Litecoin and China Link also saw their prices increase in the last 24 hours. The value of both assets increased by 3% and their prices reached 62 and 5.9 dollars, respectively.

Most of the altcoins with medium and small market capitalization also experienced price drops. As a result, the market value of digital currencies has decreased to 784 billion dollars; This means that during the last 2 days, about 60 billion dollars of capital has been withdrawn from this market.

Apart from this, since the fall of the FTX exchange, since two weeks ago, the total value of the digital currency market has decreased by nearly 300 billion dollars.