“Crypto Markets Take a Hit as Wall Street Crash Wipes Out $50B: Market Analysis”

The three largest US stock market indexes plummeted by up to 3% yesterday as Bitcoin failed to decisively overcome $25,000 once again, resulting in a rejection that brought it back down to just below $24,000. Most altcoins suffered even more on a daily scale, with MATIC, OKB, SOL, and several others dumping by around 7%.

Bitcoin Mimicks Wall Street

Cryptocurrency has been highly volatile the past few days. On Thursday, it skyrocketed to $25,000, a six-month high, before dumping just as rapidly to under $23,500.

Crypto Markets Take a Hit as Wall Street Crash Wipes Out $50B
Crypto Markets Take a Hit as Wall Street Crash Wipes Out $50B

Another two attempts to overcome $25,000 followed in the past few days, with the latest coming yesterday. Bitcoin reached $25,200, but the asset failed once again. The subsequent rejection drove it south hard and bitcoin found itself at $23,500.

The market crash on Wall Street caused a nosedive in BTCs price, taking its market capitalization down to $465 billion. BTC’s dominance over the alts has increased slightly to 42.6%.

Altcoins in Dark Red

The altcoin market is in a state of flux, with most coins seeing a decline in value over the past day. Ether and BNB, the two largest altcoins by market cap, have both fallen by 2-3%. As a result, ETH is now below $1,650, while BNB is under $310.

More daily losses can be seen from Cardano, Polkadot, and Shiba Inu, all of which have fallen by more than 4%. MATIC and Solana have lost the most out of the top 15 alts, declining by more than 6% in a day.

Dogecoin, Litecoin, and Avalanche have seen insignificant gains. However, Filecoin has resumed its recent trend of decline, falling by more than 5%.

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