The crypto market can’t catch a break as another $250B was evaporated from the capitalization. Ethereum is among the biggest losers by dipping below $3K.
The bears’ party continues to fully affect the cryptocurrency market as the total capitalization has lost another sizeable chunk of $250 billion in a day. This comes as BTC dumped beneath $40,000, ETH slumped below $3,000, and BNB came inches away from dropping under $400.
All Red Among the Altcoins
It was roughly a week ago when the altcoins were celebrating with frequent all-time highs. Ethereum was among the leaders as it breached $3,000 and $4,000 in less than seven days. The second-largest crypto continued further north and charted its latest record above $4,400 on May 12th.
However, the ever-volatile nature of the crypto market struck, and prices started to tumble. As a result, ETH lost roughly $1,500 of value to an intraday low of $2,850 reached earlier today. Despite recovering some ground since then, ETH is still 15% down and is below $3,000.
The situation with the other alts is somewhat similar. BNB, which neared $700 a week ago, went down to just over $400 today. Cardano (-16%), Dogecoin (-15%), Polkadot (-8%), Litecoin (-12%), Bitcoin Cash (-15%), Chainlink (-5%), and Uniswap (-15%) are also deep in red.
As the graph above demonstrates, Polygon (MATIC) is the only coin trading in green. The asset is up by another 10% in the past 24 hours and reached a new ATH at over $2.4 earlier.