The crypto markets experienced a bloodbath on Wednesday as leading coins dramatically headed south shedding all their previously generated gains. Bitcoin reached $17,700 in the day’s trade touching its November 2020 lows.
Therefore, BTC has erased all profits that it delivered in 2021 bringing investors to square one. BTC is down 12% in the day’s trade while Ethereum slipped 20%. The majority of BTC holders are underwater and the king crypto has more chances of slipping south than going north.
Also Read: Why Are The Crypto Markets Crashing Today?
In addition, the top 10 cryptos have fallen double digits reaching and a quick recovery is nowhere in sight. The markets have been on the back foot for 11 months straight making investors swallow the bitter pill of losses.
The global crypto market cap has also plummeted dramatically erasing billions of dollars in less than 24 hours.
Also Read: Crypto Crash: Here’s What happened in the last 24 hours
How Much Has The Crypto Markets Lost in Value?
The markets recently reclaimed $1 trillion in market cap but are now way behind the achieved target. The global market cap was at $1.03 trillion on Tuesday and slipped to $899 billion on Wednesday, all this in less than 24 hours. The markets have shed 12.7% in market cap and lost nearly $101 billion in just a day.
Also Read: Solana Gets Hammered By 20%: Why is SOL Crashing Today?
The below chart shows the global crypto market cap’s dramatic slump on Wednesday. A recovery to previous levels might not be an easy task as the markets are firmly held under bearish grips.
Though several cryptos are lucrative in price to buy the dips, it is advised to remain cautious than going all-in. There could be more downside to the markets as a recession is looming that might send cryptos plummeting in price.
In addition, Fortune 500 companies are cutting down on staff sending signals that a recession might be just around the corner. ]