Crypto Market Loses $300 Billion in Just a Few Days
Bitcoin drops below $62,000 and drags altcoins into sharp declines
The global cryptocurrency market has suffered a significant devaluation over the past few days. The total market capitalization of the sector has shrunk by more than $300 billion and now sits below $2.2 trillion.
Bitcoin led the downward trend after breaking through the $70,000 support level. The asset reached the $62,000 mark, a level not seen since mid-August. Selling pressure intensified following failed recovery attempts in previous days.
Altcoins performed even worse during this period. Assets such as AVAX recorded losses exceeding 11.5%, while PUMP retreated nearly 15%. Other coins like SOL, DOGE, and ADA saw declines of up to 8% within 24 hours.
The bearish trend gained momentum after the release of United States inflation data, which exceeded expectations. Since the local peak of $81,000 recorded on November 4, Bitcoin has entered a sequence of steady declines. Bitcoin's market dominance over altcoins has also decreased, falling to 59.3%.
This risk-off sentiment in global markets tends to increase Bitcoin volatility and may pressure the demand for digital assets compared to fiat currencies.
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