$400 Billion Wiped from the Cryptocurrency Market Over the Weekend

Ether vs Bitcoin
Ether vs Bitcoin

Bitcoin continued its dramatic bearish rout, wiping over $400 billion from cryptocurrency markets over the weekend.

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The largest cryptocurrency by market value plunged 3.7% to $47,585, according to data from Coinbase exchange, as of 5.35 a.m ET. Bitcoin plummeted to $42,000 Saturday from $57,000 Friday. It rebounded to $50,000 on Sunday.

As of Monday, Bitcoin was down about 30% from its November all-time high record of $69,000. The price plunge indicates that Bitcoin is still a highly volatile and risky investment.

Meanwhile, Ether, the second-largest cryptocurrency globally plunged 6.4% to $3,951 Monday on Coinbase. Ether has also crashed Saturday, decreasing to $3,570. 

The weekend crash wiped over $400 billion from the global cryptocurrency market. The total market capitalization of all cryptos fell from $2.6 trillion to as low as $2.2 trillion Monday, according to CoinMarketCap. os

The plunge followed a big sell-off of technology and meme-stocks. One of the major factors that affected the cryptocurrency and stock markets was the emerging Omicron coronavirus variant.