The cryptocurrency market cap is down by $100 billion in two days as bitcoin dropped to a weekly low of $38,000.
After several consecutive days of riding high, bitcoin has reversed its trajectory and lost more than $4,000 of value. Most alternative coins have followed suit, with the total cryptocurrency market cap dropping by about $100 billion since Sunday.
Bitcoin Slides to $38K
Following the Friday retracement to $38,300, bitcoin went on a tear during the weekend and went to $42,400 first before initiating another leg up to $42,600. The latter became BTC’s highest price tag since the mid-May crash.
At this time, the asset had added about $13,000 of value since July 20th. However, the bears regained control and pushed it south. Firstly, bitcoin dipped below $40,000 as reported yesterday, but that was not the end.
Since then, BTC kept declining and earlier today dropped to $38,000 (on Bitstamp), which became its lowest level since July 27th.
As such, the cryptocurrency’s market capitalization has decreased to about $720 billion after touching $800 billion on Sunday. Its market dominance has remained above 46%, as most of the altcoins are in the red as well.
