(Rejected) Crypto Market Sees Massive Bleeding, Sending Market Cap Down To $899B

Today marks one of the worst-performing days in the cryptocurrency market as the market is seeing massive retracements across all fronts. According to data from CoinMarketCap, the top coins are all in the bear zone with Bitcoin SV (BSV) and Ripple (XRP) amongst the top losers with 33.51% and 24.17% in the past 24 hours respectively.

The loss in value terms was driven by Bitcoin (BTC) as it appears that the market bulls consisting of both retail and institutional investors are beginning to cart away with profits following Bitcoin’s latest surge to a new all-time high above $42,000.

The majority of the cryptocurrencies recorded a fair share of losses with Bitcoin dropping by 18.69% to $33,294, a massive dip from its latest All-Time High (ATH). Ethereum (ETH) also witnessed a drag down, retracing by 21.68% to $1,033 to dampen the hopes of the second-largest coin’s ambition to soar beyond its ATH value around $1,400. Litecoin (LTC) dipped by 23.72% to $138.5 in the past 24 hours.

The loss cuts across every classification of cryptocurrencies with DeFi tokens not spared the bleeding dip. The loss in the DeFi ecosystem was lead by Maker (MKR) with a loss of 34.37%, complemented by that of Uniswap (UNI) which dropped 21% to $5.20.

Market Cap Back Below $1 Trillion

The cryptocurrency industry’s market capitalization which reportedly set an ATH milestone in the past week has been dragged below the celebrated mark of $1 trillion. The entire market is now currently worth $899 billion following the massive shed off from the majority of the cryptocurrencies that contributes to the market capitalization.

The drop was particularly that huge owing to the influence of Bitcoin (BTC) which contributes over 68% to the entire cryptocurrency industry’s market capitalization.