After a relatively positive Saturday, bitcoin has headed south again by dropping below $44,000 to its lowest price since February 10, 2021. The altcoin space has it even worse with substantial double-digit declines, and the market cap has lost another $120 billion to $1.350t.
Bitcoin Price Falls Beneath $44K as Miners Sell-Off
The primary cryptocurrency showed brief signs of recovery during yesterday’s trading session as it gained about $4,000. However, this positive performance was short-lived, as the bears regained control rather vigorously.
BTC started losing chunks of value in the following hours, which resulted in a low of $43,782, according to Bitstamp. As of writing these lines, bitcoin has bounced off slightly and currently sits around $44,500.
Consequently, BTC’s market capitalization continues to tumble. The cryptocurrency had lost more than $200 billion in the past week when it stood above $1.05 trillion and is down to $830 billion now.
Data from CryptoQuant reveals that the latest price slumps could be attributed to miners realizing profits following the several month-long bullrun. The analytics company followed massive outflows from their wallet into exchanges right before the initial dump from $58,000 to $45,000, and more recently – from $50,000 to below $45,000.
Bitcoin Price Vs. Miners’ Behavior. Source: CryptoQuantAltcoins’ Weekend Bloodbath
As it usually happens when BTC goes down, the altcoin market’s pain is even worse. Ethereum leads this adverse trend with a 10% drop to below $1,350. Just for reference, ETH traded above $2,050 just eight days ago and has lost 35% of its value since then.
ADA, which was among the best performers lately, has declined by more than 12% to $1.2. Binance Coin (-10%) is down to $210, Polkadot (-9%) to $31, Ripple (-6.5%) to $0.41, Litecoin (-10%) to $160, and Bitcoin Cash (-9%) struggles at $450.
Cryptocurrency Market Overview. Source: Quantify CryptoFurther losses are evident from lower and mid-cap alts. PancakeSwap has lost about 25% since yesterday and is below $9. Polygon (-20%), Ravencoin (-20%), Enjin Coin (-20%), Huobi Token (-19%), 1inch (-18%), IOST (-18%), Pundi X (-17%), Holo (-15%), and NEAR Protocol (-15%) are some of the examples that follow with massive price drops.
Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost $120 billion in a day and more than $400 billion in a week to $1.350 trillion.