Crypto Black Friday – Bitcoin Dipped to $55K, Market Discounted $400B Weekly (Market Watch)

The adverse price developments continued in the crypto market in the past 24 hours, with bitcoin sliding to a new monthly low of $55,700. Most alternative coins are also in the red as the entire market cap is down by another $100 billion.

Bitcoin Saw a Monthly Low

Ever since bitcoin tapped its all-time high at $69,000 last week, the bears have been the predominant force in the space. They pushed the asset by $6,000 in minutes following the peak and prevented it from recovering a day later.

Nevertheless, bitcoin managed to bounce off earlier this week and exceeded $66,000 briefly. However, the price slides continued, and BTC slumped by $7,000 in a day. As such, it dropped below $60,000 for the first time since late October.

After an unsuccessful attempt to overcome that level in the following hours, the cryptocurrency headed south again. This time, it dumped all the way down to $55,700 (on Bitstamp), which became the lowest price point seen since October 13th.

As of now, BTC has reclaimed some ground and currently stands above $57,000. However, its market capitalization is well below $1.1 trillion, and its dominance over the alts has gone below 43%.

Alts Chart Losses: Mana Explodes

The alternative coins also suffered in the past few days. On a 24-hour scale, most are still in the red, even if their losses are a bit less painful than BTC.

Ethereum dropped below $4,000 briefly, but it now stands at $4,150. Binance Coin, Solana, Cardano, Ripple, Polkadot, Dogecoin, Shiba Inu, and Litecoin are also slightly in the red.

Yesterday’s top performer – CRO – is down by 8.5% in a day and is close to breaking below $0.5.

Avalanche and Terra are the only two alts from the larger-cap ones slightly in the green. From the lower- and mid-cap altcoins, Decentraland has registered the most substantial price increase. A 13% surge has driven MANA to nearly $4.

Enjin Coin (11%), Arweave (10%), Basic Attention Token (10%), and The Sandbox (9%) follow suit.

According to CoinGecko, the cumulative market cap of all crypto assets is down to $2.650 trillion. This means that the metric has declined by roughly $400 billion since its peak about a week ago.