It was another wild weekend for cryptocurrencies as Bitcoin (BTC) hit a record-breaking $61,800. The crypto bubble blossomed to an astonishing $1.82 trillion before quickly bursting and leaving markets in the red, resulting in nearly a $100 billion loss.
On Sunday, the world’s largest digital money peaked right before Monday, when an identical-looking price-drop saw the BTC down into the $50,000 range. It’s worth mentioning that the $3,000 slide represents a huge 4.9 percent drop in the last 24 hours, according to analytics firm Nomics.
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The picture was similar for other cryptocurrencies. Ethereum followed a similar trajectory as Bitcoin, losing 4.1% in the last 24 hours.
In the mid-caps – projects valued between $10-$40 billion – a 4% loss meant you were one of the lucky ones. Cardano, XRP, and Litecoin all dropped 4%, while Chainlink fell 5%, Uniswap shed 7% and Bitcoin Cash slid more than 8%.
What’s causing the markets to behave this way? Bitcoin, and the broader crypto market, have a tendency to peak aggressively before pulling back quickly. Trends are picking up pace and there’s a rumor up in the wind that Bitcoin might as well hit the $70,000 mark by the end of this month.
We’ll find out soon enough.
