Wednesday, September 29, 2021
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The Altcoins Christmas Bloodbath

Over $40 billion evaporated from the crypto market cap on a day when BTC was struggling with $23,000, while the altcoins have painted serious losses.

Bitcoin’s new roller coaster has proceeded for the past 24 hours with another $1,000 move before settling about $23,000. BTC’s dominance, though, has improved as the entire altcoin industry has bled out, followed by the consistent fall of Ripple.

It is fair to assume that the alternate coins have seen better days because, for a few straight days, most have lost large chunks of value. This is the case with the Ripple’s XRP.

The native token XRP has been plummeting in value since the SEC filed charges against the payment processor. The commodity has lost another 30 percent in the last 24 hours and fails at $0.25.XRP has declined by 60 percent since Saturday.

Nevertheless, it appears like most altcoins detect the negative consequences. Bitcoin Cash (-10 percent) trades at $275, Binance Coin (-7 percent) remains at $31, Polkadot (-4.5 percent) is just below $5, and Litecoin (-7 percent) fails to remain over $100. Ethereum has fallen by 6 percent to $575,

Chainlink and Cardano have both fallen by double-digits in a day, aside from XRP. LINK (-17%) is struggling to survive above $10, while ADA (-11%) is at $0.135.

As reported, from various lower-and mid-cap alts, further declines are apparent. Only a handful are Band Protocol (-17%), Algorand (-15%), Yearn.Finance (-15%), Zcash (-15%), EOS (-14%), Neo (-14%), Dogecoin (-13%).

Ultimately, over $40 billion a day and $60 billion since Sunday has been lost in the cumulative market capitalization of all cryptocurrency assets.With the comparatively mild price drop of BTC, while the altcoins are deep in the red, the domination of bitcoin on the market has increased to over 69 percent.

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