Bloodbath on the Satoshi Street, Bitcoin (BTC) Market Cap Slips Under $1 Trillion

Published by
Bloodbath on the Satoshi Street, Bitcoin (BTC) Market Cap Slips Under $1 Trillion

The broader cryptocurrency market has plunged once again by eroding more than $350 billion worth of investors’ wealth in the last 24-hours. The world’s two largest cryptocurrencies have plunged 12% as of writing this story moving to their crucial support levels.

The recent market correction comes as Omicron Covid variant fear spreads across the global market. While the U.S. stock markets stayed under pressure over the last week, the spillover has been also seen across the crypto market.

As of press time, Bitcoin (BTC) is trading at $50,195 with its market cap slipping under $1 trillion for the first time in two months. The recent price plunge in Bitcoin comes as the total balance in the Bitcoin accumulation addresses witnessed a sharp drop.

Courtesy: Glassnode

Besides, the warnings signs of the recent price correction were clear based on the exchange activity. On-chain data provider Santiment reported that Bitcoin exchange inflows were slowly outpacing the exchange outflows. Earlier on Thursday, December 2, Santiment noted:

“Bitcoin exchange inflows have outpaced outflows significantly, as #FUD combined with a jump in #COVID19 concerns is causing traders to consider selling funds. On Wednesday, there were 10,242 more $BTC moving on to exchanges vs. moving off exchanges”.

Courtesy: Santiment

More Than $200 Billion Eroded From Altcoin Space

In a spiral effect, the correction in the altcoin space is equally harsh are brutal. The world’s second-largest cryptocurrency Ethereum (ETH) is down 14% slipping under its crucial support levels of $4000. All of the top-twenty altcoins have corrected anywhere between 13-25%.

Even the last week’s top performers like Terra (LUNA) and Polygon (MATIC) have tanked 20% and 15% respectively. In general, the altcoin space had managed to hold back relatively well over the Bitcoin consolidation over the last few weeks. However, bears seem to have taken absolute control of the market as of now.

It will be interesting to see if the bounceback is fast or we are heading for a further deeper correction.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Peter Brandt Lists XRP Among Shorts Amid Crypto Market Crash

Veteran trader Peter Brandt has doubled down on his bearish XRP prediction. This time, he…

October 9, 2025
  • 24/7 Cryptocurrency News

Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns

New York Fed President John Williams has shown his support for additional Fed rate cuts…

October 9, 2025
  • Bitcoin News

Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy

The Bitcoin price is up today, after a significant drop in the last 24 hours.…

October 9, 2025
  • 24/7 Cryptocurrency News

Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH

Flare Network has recorded over $43 million worth of XRP now bridged onto its blockchain.…

October 9, 2025
  • Bitcoin News

Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech

Bitcoin and Ethereum are dragging lower amid massive volatility ahead of Fed Chair Jerome Powell's…

October 9, 2025
  • 24/7 Cryptocurrency News

Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption

Ripple has announced a new partnership with Bahrain’s Fintech Bay (BFB). This initiative seeks to…

October 9, 2025