The past 24 hours brought more pain to the cryptocurrency market, with bitcoin barely managing to remain above $30,000. Most altcoins are in much worse shape, but none has lost more value than Terra in the past few days.
It’s safe to say that the primary cryptocurrency has seen better days. It was less than a week ago when it challenged $40,000 but failed in its tracks. After remaining just shy of that level, the market tumbled, and BTC led the adverse trend.
Firstly, the asset plummeted by $4,000 and found itself sitting at a multi-week low beneath $36,000. While that was a painful price drop of its own, it was just the start. Hours later, the bears pushed it south once more, and bitcoin dumped to $33,000.
The situation took another change for the worse yesterday when BTC lost more than $3,000 and dropped below $30,000 for the first time since last July. This means that it had dumped by $10,000 in about four days.
It tried to recover and spiked to $32,500, but that was short-lived. As of now, bitcoin struggles at around $31,000, and its market capitalization has plunged below $600 billion.
Despite plummeting in value in the past several days, similar to the rest of the market, Ethereum is in a slightly better position today. It has gone down by a more modest 2% and stands around $2,350 after dipping to $2,200 yesterday.
The rest of the larger-cap alts are well in the red. Binance Coin struggles to remain above $300 after another 6.5% decline. Solana, Cardano, Dogecoin, Polkadot, Shiba Inu, and MATIC have all plunged by around 10% in the past 24 hours alone.
Avalanche and NEAR Protocol have dumped even more. AVAX is down by 22%, while NEAR has shed 20% of its value.
Nevertheless, Terra has lost the most value, once again. LUNA is down by 85% in a day to a yearly low of around $5. Moreover, the asset has dropped by 95% in the past week.
Overall, the crypto market cap has declined to $1.350 trillion, the lowest the metric has seen since last July.
