Over $160 billion are gone from the crypto market capitalization as bitcoin dumped by $4,000 in a day to beneath $31,000.
Another weekend starts with another adverse price movement for bitcoin as the asset dropped by several thousand dollars to below $31,000. The alternative coins are also deep in red, with ETH dumping below $1,800, and the total market cap has seen $160 billion gone in a day.
Bitcoin Plummets Below $31,000
It’s almost becoming a tradition for BTC to head south when the weekend starts. The cryptocurrency was actually looking healthy yesterday after it had recovered from the mid-week crash and traded above $35,000.
That was its highest price tag in four days, but the bears didn’t allow any further increases. Just the opposite, they brought the selling pressure, resulting in more price slumps.
In a matter of hours, bitcoin lost more than $3,000 of value and dipped below $32,000. Although it bounced off initially and recovered some losses, the bears kept the pressure on, and BTC dumped beneath $31,000, where it is now as well.
Bitcoin’s market dominance has remained high, but that’s just because the altcoins have suffered even worse. BTC’s market cap has declined below $600 billion.