These Crypto Assets Tanked the Most as the Total Market Cap Shed Over $200B (Weekend Watch)
Bitcoin’s price took a significant plunge yesterday, dropping by about $5,000 in just a few hours. However, the altcoins experienced even more significant losses, as evidenced by the increasing dominance of Bitcoin. Many meme coins saw a drop of over 20%.
BTC’s crash came after a relatively positive week for the primary cryptocurrency. It started off strong, reaching a four-week peak of over $72,500 on Monday due to increased demand for spot ETFs. However, it retraced to $67,500 on Wednesday following the announcement of higher-than-expected March inflation data in the US. Despite recovering some ground and briefly challenging $71,000 on Friday, BTC saw a violent correction following the latest US Fed speeches on monetary policy. This correction resulted in a drop of about $5,000 for BTC, leading to almost $1 billion in liquidations.
While BTC has regained some traction and currently sits above $67,000, its market capitalization has plummeted to $1.330 trillion on CG. One positive aspect is that Bitcoin’s dominance has increased to 51.7%, marking a gain of over 1% in a single day.
The altcoins fared even worse during this correction, as indicated by the rising Bitcoin dominance. Though some have recovered slightly from yesterday’s lows, the 24-hour charts show continued pain. Among the larger-cap altcoins, XRP (-11%), SOL (-13%), DOGE (-13%), ADA (-13%), AVAX (-18%), SHIB (-12.5%), BCH (-10.5%), DOT (-13.5%), LINK (-14%), and more experienced significant losses.
Even meme coins took a hard hit, with some experiencing losses of up to 30%. At one point, the total crypto market cap dipped by over $200 billion, and although it has recovered slightly from its low, it remains below $2.6 trillion.