Bitcoin’s situation worsened once more hours ago as the asset dropped to a new three-month low beneath $41,000. Most altcoins are in a similar position today, and the overall losses from the past three days grew to $300 billion.
Bitcoin’s Latest 3-Month Low
It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t all that long ago as it traded at $47,000 on Thursday and even tried its hand at $48,000 on Wednesday.
However, the bears took complete control in the following 72 hours. Firstly, they dumped BTC by $4,000 before another drop drove the asset below $42,000 on Friday, as reported.
Yesterday seemed like a consolidation day as bitcoin stood around $42,000 for a while. However, this didn’t last long as BTC dived once more. This time, it fell to $40,500, which became the lowest price line since late September 2021.
As of now, the cryptocurrency has recovered some ground and stands approximately $1,000 higher. Nevertheless, its market capitalization is still below $800 billion.
Altcoins Keep Dumping
The alternative coins have suffered just as badly as BTC, if not worse. Ethereum stood above $3,800 days ago, but now it’s just over $3,100 after another 3% decline since yesterday.
Binance Coin is down by 5.5% and struggles at $430. Solana (-4%), Cardano (-6%), Ripple (-3.5%), Polkadot (-5.5%), Terra (-1%), Avalanche (-5.5%), Dogecoin (-4%), Shiba Inu (-5%), and MATIC (-6%) are also deep in red.
Chainlink, yesterday’s best performer, is the only larger-cap alt that has endured this market correction without substantial losses.
In contrast, further losses come from Fantom (-12%), Oasis Network (-11%), Helium (-11%), NEAR Protocol (-11%), Zcash (-10%), Ravencoin (-10%), Gala (-10%), Loopring (-10%), and many others.
The cumulative market cap of all cryptocurrency assets is down to $1.950 trillion. This means that the metric has lost roughly $300 billion since the correction started three days ago.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
