Bitcoin Plunged to $20.8K, Crypto Markets Erased $120B in 48 Hours (Weekend Watch)

Time Stamp: August 20, 2022 4:46 AM

Bitcoin’s recent nosedives continued in the past 24 hours, and the asset slipped to a new three-week low of under $21,000.

Ethereum is in a similar position, having lost another $100 daily. At the same time, Shiba Inu is among the few alts well in the green.

Bitcoin Sees New Low

The landscape was looking rather bright for the primary cryptocurrency until five days ago. At that point, it had skyrocketed to above $25,200, which was a two-month high.

However, it couldn’t stay there for long. It dropped by more than $1,000 shortly after the local peak. Although BTC calmed and remained at that level for a day or two, the bears returned and pushed it south by another grand.

The situation worsened yesterday when bitcoin dumped to $22,000. The past 24 hours brought even more pain for the bulls as BTC found itself dropping beneath $21,000 to chart its lowest price position in about three weeks.

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As of now, it stands at just over $21,000, and its market cap has managed to remain above $400 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Marks a New Low Too

Most alternative coins followed BTC south yesterday, including the largest one.

ETH has continued to decline in value. Another 5.5% daily drop has taken it to below $1,650. It’s worth noting that the asset tapped a 74-day high above $2,050 last weekend, meaning that it has lost $400 within this timeframe.

Cardano is also down on the day, seeing a 3% daily drop. As a result, ADA struggles beneath $0.5.

In contrast, Binance Coin, Solana, Dogecoin, Tron, and Avalanche are slightly in the green on a daily scale. Shiba Inu has recovered the most in a day, and it’s 5% up to $0.000014.

Most of the lower- and mid-cap alts are with minor increases, while several are with insignificant losses.

The cumulative market cap of all crypto assets has seen another $20 billion evaporate and is down to just over $1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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