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.

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.

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.