The “altcoin apocalypse” has finally begun in earnest. Bitcoin plunged to under $6,000, a key technical level of support. As expected, with BTC’s drop, the major altcoins have crashed by double digit declines. Remember that you read about it here before it actually happened.
Bitcoin has now seen price levels putting it down 70% below its former historic high of only December. If the cryptocurrency king is down for the count, the rest of the altcoin universe would suffer the feared apocalypse. This is exactly what happened over the last 24 hours. Total market cap of the cryptocurrencies has plummeted from the highest point yesterday of $219 billion to $189 billion.
Over $30 billion disappeared from the whole cryptocurrency market in under a day. This is a dramatic nearly 14% market cap drop. The loss minus Bitcoin’s $10 billion market cap decline still amounts to $20 billion for the altcoins. Imagine if stocks suffered that kind of plunge in market cap in a day.
The Altcoin Loss is Bitcoin’s Market Cap Share Gain
One side of the story that few are considering in the carnage underway has to do with BTC. The original cryptocurrency has seen one significant benefit, a silver lining in the bloodbath. Where it had only 45% market cap share last week, it now owns 54% of the market.
It only takes one good altcoin apocalypse to put Bitcoin back in the driver’s seat again. If this rout in the crypto-verse continues, the continued reemergence of BTC dominance would be expected to become more pronounced.
The Coinmarketcap Data Is Not Pretty Today
The Coinmarketcap data is far from pretty today. Ethereum (ETC) is down nearly 15 percent by market cap as of publication. Bitcoin Cash (BCH) is off nearly 14%. Ripple (XRP) has fallen nearly 13%. Litecoin (LTC) is off over 11%. TRON (TRON) is down nearly 19%.
Ethereum Classic (ETC) has plunged 18%. No doubt the markets will recover over the next few weeks and months. For now, the pain of the altcoin apocalypse is real.