Bitcoin's situation worsened as it started trading below the $16,000 level to mark a new two-year low.
Also following are alternative cryptoassets with ETH slipping below $1,100. Chainlink and Litecoin are among the few exceptions in green.
Last weekend was relatively uneventful for the major cryptocurrency, which tried to break $17,000 several times but failed. With the lack of any volatility as the asset has been at $16,600 for two days in a row.
However, the landscape began to change on Monday as BTC slipped to $16,000. Things worsened when BTC was unable to hold the $16K level as it fell further to just over $15,500. This marked the lowest price in about two years.
In addition to the collapse of the market capitalization worth millions of dollars, the recent price of bitcoin pushed many groups of whales into a state of losses.
So far, bitcoin's market capitalization is down to $300 billion, with BTC sitting just a few hundred dollars above its multi-year low. Its dominance over altcoins remains at just 39%.
The second largest cryptocurrency also lost most of its value in the last 48 hours. It traded above $1,200 on Sunday but fell below that level yesterday and plunged further to mark a multi-week low below $1,100.
Binance Coin, Cardano, Dogecoin, Polygon, Polkadot, Shiba Inu and Tron also experienced small daily declines. Ripple is among the few exceptions from the top 10 crypto assets.
Litecoin and Chainlink have also posted some gains in the past 24 hours. Both assets rose about 3% and traded at $62 and $5.9, respectively.
However, most low- and mid-cap alts are also struggling. As a result, the crypto market cap has dropped to $780 billion, meaning the data has seen $60 billion disappear in the past two days alone. Additionally, the market cap is down nearly $300 billion since the FTX crash began two weeks ago.
