Share this article
Crypto Market Loses $460B as Ether, Altcoins Follow Bitcoin’s Deep Dive
The crypto market has lost more than $400 billion in a day.
By Muyao Shen
Updated Mar 6, 2023, 3:11 p.m. Published May 19, 2021, 2:30 p.m.
Prices for ether , the second-largest cryptocurrency by market capitalization, traded in deep red along with other alternative cryptocurrencies (altcoins), tumbling by more than bitcoin in the biggest sell-off in digital asset markets since the "Black Thursday" of March 2020.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- At press time, ether was trading at around $2,469.50, down 26.36% in the past 24 hours, according to FTX and TradingView, marking the biggest daily loss for ether since March 12, 2020.
- There has also been a huge market dump in the decentralized finance sector, with DeFi-related tokens among the biggest losers, according to Messari. They included maker (MKR), yearn.finance (YFI), , uniswap , and chainlink .
- "They are all dumping today and all correlating," said Joel Kruger, currency strategist at LMAX Digital.
- Notably, the price for dogecoin (DOGE), the popular meme-centered cryptocurrency, also followed the broader market sell-off and was down by more than 20% in the past 24 hours to about $0.379, according to CoinDesk 20.
- "Without significant mainstream adoption, recognition and utility, alts are, and have always been, more speculative in nature than bitcoin," said Hunain Naseer, senior editor at OKEx Insights. "This means they rise faster during bull runs and drop sharper during declines."
- The correction across digital assets has caused a loss of more than $460 billion in the past 24 hours for the crypto's total market capitalization.
- According to TradingView, the total market capitalization for crypto assets now stands at around $1.565 trillion, down 21.96% in the past 24 hours.
- "The catalyst is a market that had been deeply at risk for a pullback following a parabolic run up and a market that is feeling a little more pressure from global macro forces that are weighing on risk correlated assets," Kruger said.
- "The biggest risk to crypto now, at least over the coming weeks, is risk that we see downside pressure in U.S. equities," he added.
- Also on Wednesday, U.S. stocks started falling, led by major losses on shares of tech stocks, according to the Wall Street Journal.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
Top Stories
