Bitcoin drops to over $ 3,000 after rejection at $ 50,000, total cap tests $ 2,000 again

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The volatile nature of the cryptocurrency market struck again, with bitcoin posting several $ 2,000 moves back and forth. Nonetheless, BTC fell below $ 47,000, and most altcoins followed south with notable losses.

Bitcoin lost over $ 3,000 in 3 days

August 23 was a very positive day for BTC bulls on which digital asset topped $ 50,000 for the first time since the mid-May correction. It hit $ 50,550 (on Bitstamp), but it failed to stay above the coveted $ 50,000 mark.

In the hours that followed, the bears regained control of the market and pushed the asset south. Bitcoin started to lose value quite quickly and fell below $ 48,000 as reported yesterday.

It kept going down until it hit $ 47,200 when it bounced back and added over $ 2,000 of value in a matter of hours. After going over $ 49,000, the situation changed again and BTC collapsed again.

This time it even went below $ 47,000. In fact, it dropped to $ 46,550, which became the lowest price in about a week.

Although it has recovered some ground since then, BTC is still struggling around $ 47,000. Its market cap fell below $ 900 billion, while its dominance in altcoins edged up to 44%.

BTCUSD. Source: TradingViewAlts continues to bleed

Most of the alternative coins have followed their leader in recent days. That includes Ethereum, which hit a multi-month high of $ 3,360 on Monday, but has lost more than $ 200 in value since then. Additionally, ETH fell below $ 3,100 hours ago, but is currently hovering around that level.

Binance Coin appears to be taking this correction slightly better than most as it is down less than 1%. On the other hand, Cardano (-5%), Ripple (-3%), Dogecoin (-5%), Polkadot (-5%), Solana (-4%), Uniswap (-3%), Bitcoin Cash (-4 , 5%), Litecoin (-3%) and Chainlink (-5%) lost significant chunks of value.

LUNA and AVAX have even dropped to double digits in the last 24 hours.

Overview of the cryptocurrency market. Source: quantifying crypto

Aside from Revain, which has jumped 25% since yesterday, most other small- and mid-cap alternative stocks fell. These include Helium (-11%), THORChain (-11%), Audius (-10%), XDC (-10%), Fantom (-10%), The Graph (-10%) and Cosmos (-10%).

Ultimately, the cumulative market cap of all cryptocurrency assets is down from $ 160 billion in two days to around $ 2,000 billion.

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TradingView cryptocurrency charts.

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