Crypto Markets Down $250B Weekly: BTC Plunged Below $42K (Market Watch)

Bitcoin was rejected at $43,000 once again, and the bears pushed the asset to and below $42,000. Most altcoins are also deep in the red, with ETH close to $3,100. The total market cap is down to just over $1.9 trillion.

Bitcoin Tests $42K

It was just a week ago when the primary cryptocurrency was attempting to overcome $47,000 but failed on both occasions. Just the opposite, the asset started to lose value gradually and slipped to $45,000 a day later.

The bears kept control over the market and pushed it south again. At first, BTC dropped to $44,000 before it plummeted to $43,000, which became its lowest price point in more than two weeks.

In the following few days, bitcoin remained stuck between $43,000 and $44,000. However, its inability to climb above the latter meant more trouble. This time, it fell to $42,000 as reported yesterday.

It bounced off hours later and briefly exceeded $43,000, but the bears came back to play and drove it south below the January 2021 ATH of $42,000, where it’s currently situated as well. As such, its market capitalization has slid below $800 billion for the first time in nearly three weeks.

Altcoins Back in Red

The altcoins calmed yesterday after the recent price declines, but the past 24 hours spelled more trouble. Ethereum is down by 4% on the day and sits just above $3,100. It’s worth noting that ETH jumped above $3,500 to a three-month high last week.

Binance Coin, Solana, Dogecoin, Shiba Inu, and CRO have retraced by similar percentages, while Ripple and Cardano are down by more than 5%.

More losses are evident from Terra (-9%), Avalanche (-7%), Polkadot (-8%), and NEAR Protocol (-8%).

The cumulative market cap of all crypto assets is down to just over $1.9 trillion, meaning that the metric has shed $250 billion in about a week.