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Market Cap Loses $70 Billion as Bitcoin Gets Rejected at $50K (Market Watch)

This Monday, in the EU morning trading session, the cryptocurrency market is going through a pullback. Bitcoin got rejected at $50K as it was unable to break this level, resulting in a drop that saw around $70 billion wiped off the total cryptocurrency market capitalization at the time of this writing.

Bitcoin Price Fails at $50K.

Hopes were high yesterday that the price for Bitcoin would finally break the coveted $50,000 mark. The cryptocurrency came very close to breaching it. It charted a new all-time high yesterday at $49,714 on Bitstamp, but it was unable to go any further.

A few hours later, bears intercepted the advance and caused the price to start declining. In two hourly candles, Bitcoin went from $48,800 down to $45,900 before recovering to the current price of around $47,500.

btcusd_chart
BTC/USD, Bitstamp. Source: TradingView

It’s worth noting that this volatility in the past 24 hours has resulted in a total of $1.89 billion worth of long and short liquidations. The single liquidation order took place on a Bitcoin pair at Huobi, and it had a face value of a whopping $21.25 million.

The data shows that during the last day, bears clearly had the upper hand as 92% of all liquidations were long positions. This also shows that the market has been over-leveraged.

Altcoins Also Take a Beating

Over the past 24 hours, Bitcoin’s dominance – the index that tracks BTC’s share relative to that of the entire market, has increased from 60.4% to 61.1%. This means that altcoins have failed to claim any further grounds.

Looking at their 24-hour performance tells us why. The market is covered in red, with most altcoins charting notable decreases.

cryptomarket_overview
Cryptocurrency Market Overview. Source: Coin360

At the time of this writing, Ethereum is trading at around $1750 for a 4.5% decrease. Polkadot’s DOT is down 6.6%, Cardano is down 6.5%, while Litecoin got reduced down to about $200 for a total decline of 9% over the past 24 hours. Binance Coin (BNB) is holding the lines with an insignificant drop as the cryptocurrency continues to trade at about $130.

Interestingly enough, DOGE is the altcoin that lost the most during the past 24 hours, as it dropped by a total of 16.5%. Others that follow include Curve DAO’s CRV, Elrond’s EGLD, and so forth.

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About The Author

George Georgiev

Georgi Georgiev is CryptoPotato’s editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi’s passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn’t looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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