Yesterday, Bitcoin and most altcoins continued to plummet and charted new yearly lows.
The market as a whole, and Bitcoin in particular, have seen better times as the asset has fallen to multi-year lows around $15,500.
Some alternative coins, such as SOL and FTT, experienced spectacular drops.
A 2-year low was reached for Bitcoin
In the past few days, there have been many developments in the cryptocurrency space, which have affected prices. Over the weekend, Bitcoin reached a multi-week high of over $21,500.
After FTX and Alameda’s balance sheets appeared irregular, Binance announced plans to dispose of its entire FTT stash.
As a result, the domino began to fall. Almost immediately, Bitcoin fell below $20,000, but that was just the beginning. BTC is still 6.5% down on the day, despite recovering more than $1,000 since then. The market cap of Bitcoin has retraced to $320 billion, and its dominance over altcoins has risen to 38.4%.
The Altcoin Market Collapsed
Over the past few days, alternative coins have experienced similar, if not greater, pain than bitcoin.
Within this timeframe, Ethereum dropped from over $1,600 to about $1,100. It remains down by double-digits during the week and its currently at $1,186.65
Another massive loser is Binance Coin. Following news that Binance will buy FTX, the price of BNB soared to $400 then promptly fell. BNB continued to decline until it reached its current level after Binance confirmed that they will not buy the SBF-led exchange.
Solana is currently trading at $13.73, down a “modest” 17% from yesterday when it reached a low of around $9. Given the impending unlocking of SOL tokens, the asset may experience even greater volatility today.
The native cryptocurrency of FTX is now trading for less than $3, but yesterday it fell to less than $2.Since the conflict between Binance and FTX began over the weekend, the crypto market cap has lost around $200 billion overall.