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Over $80 billion outflows crypto market in 24 hours as BTC slides below $50k

Over $80 billion outflows crypto market in 24 hours as BTC slides below $50k
Jordan
Major
9 months ago
2 mins read

Many cryptocurrencies were trading in the red on Tuesday, December 28, as profit-taking took hold after the market’s recent upward trend. 

Furthermore, there is a likelihood that a large amount of money flowing out of the crypto market and into stocks contributed to the slump, which saw the market cap fall 3.28% from the previous day, according to CoinMarketCap.

In only 24 hours, a total of $83 billion was wiped off the global market capitalization, which plummeted from $2.394 trillion to the current $2.311 trillion market cap.

The crypto market cap 1-day chart. Source: CoinMarketCap

Despite a decline in total market capitalization, the entire volume of the crypto market has increased by 34.09 %, totaling $99.45 billion. DeFi’s total volume is now $17.76 billion, or 17.86 %, while the entire market volume of all stable coins is $77.46 billion, or 77.89%.

Bitcoin falls back below $50,000

Of particular note is that the flagship digital asset, which has a secondary impact on the rest of the tokens, on the whole, has once again fallen below the critical $50,000 mark. Indeed, Bitcoin (BTC) is now trading at $49,166, down 3.21% on the day and up 1.18% over the previous week with a market capitalization of $930 trillion.

Bitcoin 1-day price chart. Source: CoinMarketCap

Fundamental analyst and technical trader, Lady of Crypto has identified two support levels for Bitcoin in order to continue its bullish momentum:

“Two bullish $BTC scenarios that’ll confirm a bull trend is forming. Bitcoin is on the minor 49.4k support. Minor support is strong in the face of weak bears. This is the ideal scenario. Losing 49.4k leaves us with minor support at 47.8k. I’ll look for this to hold.”

Bitcoin chart analysis TetherUS. Source: LadyofCrypto

Notably, the Bitcoin price decline has had a knock-on effect on the prices of popular altcoins, which have all seen their prices go down due to the reduction in Bitcoin’s price. 

With the price of Ethereum, the second-largest digital currency by market capitalization, currently trading below $4,000 at $3,905, it has fallen 3.78 percent in the past 24 hours and 2.87 percent over the previous seven days, bringing its market value to $463 billion. 

All other well-known altcoins in the top ten digital assets by market capitalization, including Solana (SOL), Cardano (ADA), and Binance Coin (BNB), are all trading in the red.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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