Bitcoin Price Plunges Over 50% Below $4000 In 24 Hours, Crypto Markets Lose $90 Billion
Just like the traditional stock markets, there’s a similar bloodbath happening in the cryptocurrency market as well. Thursday, March 12, turned out to be the worst day for the crypto markets in 2020.
In a massive Bitcoin dumping event, the BTC price came all the way down crashing nearly 48% and moving close to $4000 levels in a single day. It looks like the market mayhem has been arrested for now as Bitcoin surged back above $5000 levels shortly.
With this market crash, Bitcoin’s market cap has also slipped below $100 billion while the overall cryptocurrency market cap slips below $150 billion. Rather, at one time, the overall cryptocurrency market wrote-off $90 billion before recovering back.
At press time, Bitcoin is trading at a price of $5111 with a market cap of $93 billion. However, Bitcoin still continues to maintain 64% dominance on the overall cryptocurrency market.
If we look at the year-to-date, the Bitcoin price has crashed literally 50% from the 2020-high. Not only that, the recent market crash has also got the Bitcoin price to slip nearly 30% from the start of 2020.
The global economic fallout due to the Cornanvirus spread has gripped the global markets in fear as the world economy looks in a severe state of concern after WHO announced Coronavirus as a global pandemic.
Besides, as per the markets reports, nearly 50% of the states in the U.S. have declared state of emergency as panic strikes in. With the slowdown in the global economy, the sell-off in the traditional market is well understood.
However, crypto markets often touted as the replacements to the traditional stocks market have failed to show its performance just when needed. In fact, it looks like investors are more eager to book their profits during the uncertain times rather than adding fresh capital in the market.
But Bitcoin is not the sole loser in the market. Almost all of the top ten cryptocurrencies have lost over 30% in Thursday’s market crash.
The overall cryptocurrency market has lost 20% of its valuations since the beginning of 2020 losing over $45 billion.