$60B Evaporated From Crypto Markets as BTC Slides to Weekly Lows: Market Watch

Bitcoin’s declines continued over the weekend, with the asset dropping below $28,000 for the first time in about a week.

Altcoins are in no better shape, with MATIC, SHIB, XRP and AVAX aggressively churning out larger cap altcoins.

Bitcoin drops to $28,000

Last week’s enhanced volatility culminated in prices surging to just under $30,000 on Friday night. While the bulls were preparing to finally drop off that level, the bears came out of the woods and didn’t allow any further increases.

Quite the contrary, bitcoin began to lose value rapidly and fell below $28,500 on Saturday. Sunday was less eventful, with BTC price around $29,000 for most of it.

As the weekend approached, the landscape changed for the worse again. This time, bitcoin fell by another large amount and fell below $28,000 to chart its lowest price in about a week.

Origin is still struggling to regain this level now. Its market capitalization plummeted to $540 billion with BTC down 3.5% on the day. Its dominance over alternatives is fairly stable at 47%.

Altcoins are bleeding

As it usually happens when BTC goes south, so do most altcoins. Ethereum simulated a drop in the price of bitcoin, dropping to $1,850. Binance Coin, Cardano, Dogecoin, Solana, Tron and Litecoin are also down around 3-4%.

More daily drops from Polygon, Ripple, Shiba Inu and Avalanche are visible from larger cap alts. They got rid of 5% or more.

Further losses are coming from the likes of NEAR, APB, LDO, ICP, FTM and HBAR – they are down 6-7%.

Overall, the total cryptocurrency market cap has fallen to $1.115 trillion on CMC. As such, the metric has fallen by $40 billion each day and $60 billion in the last two days.