Recent Crash Caused the Cryptocurrency Market To Lose $70B Of Its Value

It certainly hasn’t been a great time to be a crypto investor and holder, as nearly all major cryptocurrencies have been mostly in the red for a little while now. This is all part of a continued market crash that has resulted in drastic decreases in price. Moreover, crypto markets continue to be ruled by bears, and many of the top altcoins have suffered heavily lately. These include the likes of Ethereum (ETH), which has dropped to just around $2,200 and Binance Coin (BNB), which has dropped below $500.

Not only are most of the altcoins deep in the red, but Bitcoin (the world’s largest cryptocurrency by market cap) has also been struggling in its efforts to reconquer the $50,000 mark. However, it has somehow managed to get over this price mark, and as of the time of this writing, BTC’s price is just over $54,760.

Most major altcoins in the red, with one exception

Although there had been a few attempts at recovery, by and large, the altcoin market experienced heavy losses within the previous few days alone. Ethereum, for instance, had actually managed to reach a new ATH (all-time high) on April 22nd, but it had dropped by almost $500 shortly afterwards. Similarly, BNB had failed at staying above $500 for a long and now currently floats around the $490 to $495 area. Other altcoins suffered similar fates since yesterday when Cardano (ADA) had decreased by 5.5%, Ripple (XRP) dropped by 8.5%, Litecoin (LTC) dropped by 4.5%, Uniswap (UNI) dropped by 7%. Polkadot (DOT) decreased by 8.5%, and Bitcoin Cash (BCH) decreasing by 5.5%.

In a stroke of irony, the meme and ‘joke’ cryptocurrency Dogecoin (DOGE) had been the exception. DOGE had managed to pump aggressively within the past 24 hours and was able to subsequently record a 30% increase as a result. DOGE’s current price is $0.268 at the time of this writing. It should also be mentioned that support from billionaires Elon Musk and Mark Cuban contributed heavily to DOGE’s recent success. In total, the overall market cap inclusive of all of the cryptocurrency assets has lost $80 billion.

Bitcoin falls as investors continue to panic

This market crash had resulted in Bitcoin dropping below $50,000, as we have already mentioned. Bears then pushed the digital asset further down to the price of around $49,700. Although its dominance in the market has managed to regain some ground, the market cap is still beneath $1 trillion.

All of this has resulted in numerous investors panic selling their respective cryptocurrencies while others struggle to hold during such a time of uncertainty.

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