An overview of the cryptocurrency market today Sunday, February 28
After a relatively positive day, Bitcoin fell again below $ 44,000 to its lowest price since February 10, 2021. The situation in the Altcoin space worsened with double-digit declines. The crypto market value fell another $ 120 billion to $ 1.350 trillion.
Bitcoin falls below $ 44,000
The market's top cryptocurrency showed little signs of improvement in yesterday's trading session as it rose to around $ 4,000. However, this positive performance did not last long, as the bears regained their full strength.
At the Bitstamp exchange, in the following hours, the price of bitcoin began to fall, leading to a drop to $ 43,782. At the time of writing, Bitcoin has jumped slightly to around $ 42,500.
As a result of these developments, the market value of BTC continues to fall. The cryptocurrency lost more than $ 200 billion last week, from about $ 1.05 trillion to $ 830 billion.
CryptoQuant data show that the recent drop in prices can be attributed to miners who have made a profit after several months of price increases. Just before the first dump, from $ 58,000 to $ 45,000, and more recently from $ 50,000 to under $ 45,000, the company has been following the massive outflow of funds from miners' wallets to exchange offices.
Blood bath among altcoins
As we usually see at the same time as the BTC price falls, the bad situation in the Altcoins market is more tangible. Atrium fell 10 percent to below $ 1,350 and has taken the lead in this unfavorable trend. Cardano (ADA), which recently showed its best performance, fell more than 12% to $ 1.2. Binary Coin (-10%) up to $ 210, Polkadat (-9%) up to $ 31, Ripple (-6.5%) up to $ 0.41, Light Coin (-10%) up to $ 160 and Bitcoin Cash (-9%) Dropped to $ 450.
Among the lower market value altcoins, PancakeSwap has reached $ 9 with a 25% price reduction. After that, Polygon (-20%), Ravencoin (-20%), Enjin Coin (-20%), Huobi Token (-19%), 1inch (-18%), IOST (-18%), Pundi X (-17%), Holo (-15%) and NEAR Protocol (-15%) are examples of currencies that have seen the most price declines since yesterday.
Finally, the total market value of cryptocurrencies fell by $ 120 billion in one day to $ 1.350 trillion.