The events that transpired in the past few days among two of the largest crypto exchanges brought the entire market down. Bitcoin, for one, dumped to its lowest position since the end of November 2020.
The alternative coins bleed out heavily as well, with FTT and Solana leading the adverse pack.
Bitcoin Collapses to $17K
The primary cryptocurrency enjoyed last week and charted a multi-month high at $21,500 during the weekend. However, nothing could have prepared for what happened in the next few days.
As the saga between Binance and FTX was unraveling, BTC started to lose value and dipped below $20,000 yesterday. Once the former said it plans to purchase the latter following its troubles, the market went into complete chaos.
At first, bitcoin skyrocketed from $19,200 to over $20,500, but that was short-lived. The asset reversed its trajectory in the following minutes and started losing value fast, resulting in hundreds of millions of dollars in liquidations.
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The worst, so far at least, came with a violent drop to $17,150 (on Bitstamp), which was BTC’s lowest position since late November 2020. It bounced off rather quickly and jumped to above $18,000, before the bears pushed it down south once more.
As of now, BTC is at $17,500, its market cap has slumped to $335 billion, but its dominance has risen to over 39% as the altcoins crashed hard.
Solana and FTT Dump the Most
FTX’s native cryptocurrency was arguably the most volatile one yesterday. It went from over $20 to about $3 in a day. With all the uncertainty around the exchange, the asset currently struggles at around $4.
Solana, heavily backed by Alameda, is also suffering badly. SOL recently painted a two-month high at almost $40 but has dumped to $16 as of now. It’s down by about 40% in the past 24 hours alone.
The rest of the altcoins are not in that better shape. Ethereum has slumped by over 20% in a day and stands below $1,200. Just a few days ago, the second-largest crypto traded above $1,600.
Binance Coin, Ripple, Dogecoin, MATIC, Shiba Inu, OKB, Avalanche, Uniswap, and many others are with double-digit daily losses as well.
Interestingly, Tron is the only altcoin with minor gains on a daily scale. However, that has not helped much the overall crypto market cap, which is down to around $870 billion. The metric has shed $160 billion since yesterday’s peak.
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