Crypto Market Cap Slips Below $1 Trillion as Altcoins Bleed Out (Market Watch)

The total cryptocurrency market capitalization dropped below $1 trillion on Saturday as the majority of altcoins are bleeding out. Bitcoin also dropped below the coveted $20,000 as the bulls failed to produce any meaningful increases.

Bitcoin Below $20K

The primary cryptocurrency has failed to chart any notable increases in the past 24 hours and is down some 1.3%. The bulls attempted to push the price upwards on a few occasions but were unable to do so. Eventually, this allowed sellers to prevail and to once again push BTC below the coveted $20K level.

img2_chart
Source: Quantify Crypto

The last 24 hours saw about $28 million worth of BTC positions being liquidated, which is relatively insignificant, showing that the volatility has also dried off. At this time, ETH futures traders seem to be a lot more prevalent.

Altcoins Bleeding Out

The majority of alternative coins lost between 1% and 3% over the past 24 hours in a slow sideways decline which is very characteristic of bear markets.

heatmap1
Source: Quantify Crypto

ETH lost about 2.61% over the period, and that led to about $90 million worth of ETH positions being liquidated. The largest single liquidation order had a face value of $1.86 million, and it took place on OKEx.

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Solana lost 1.5%, MATIC – 1.2%, Ethereum Classic – 1.42%, NEAR – 2.3%, and so forth. It appears that the biggest outlier over the past 24 hours is Filecoin, which is up almost 9%. On the other hand, Helium’s HNT token is down 7.5% – the cryptocurrency that lost the most.

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