Crypto Market Cap Falls By $80 Billion In A Day As Bitcoin Dumps Below $40K

The crypto market cap declined by about $80 billion today as Bitcoin dropped to a monthly low beneath $39,000. The crypto markets are on another roller coaster ride today, with bitcoin slipping below $40,000 and many altcoins dumpings as well. Ethereum has taken it on the chin losing over 5% of its value to sit at just under $3,000 per coin. Other altcoins like Terra, Ripple, Solana, Cardano and Polkadot also had substantial price losses. Related Reading | TA: Ethereum Slides Below 3K, Why Bears Could Aim $2.5K Altcoins Enter The Red Sea As Bitcoin Drops With little-to-no substantial price movements for most of this week, today is a different day for altcoins. The market has been tumultuous, and prices are swinging back and forth throughout the day. As a result, most altcoins are recorded in red with the day started. The price of Ethereum has continued to drop, now below $3k for the third time this month. The cryptocurrency is leading an adverse trend, with other coins following suit and falling by almost 5%. The Binance coin struggled to maintain its position at around $400 after a 3.5% decrease in the last 24 hours. However, things are starting to look up for this cryptocurrency as of late Sunday evening, when prices were close to $420 per coin. Today, the big movers are Cardano with a 7% decrease and Ripple 6% decrease. Some other notable tokens are Shiba Inu, whose value dropped 6%, Polkadot, with a 7% decline over th...