🌡️🌡️🌡️🌡️Why Is Crypto Down Today? Market Loses $186B In 24 Hours

The entire cryptocurrency market lost $186 billion today from yesterday’s high. Meanwhile, the total market capitalization of all cryptocurrencies combined went down from $3.29 trillion to the current $3.21 trillion over the last 24 hours, signaling concerns that the new bull run could be dead on arrival. 

Bitcoin is trading at $103,741—down by almost 2% over the last 24 hours. However, these losses are insignificant in comparison to the altcoin market. The market value of cryptocurrencies excluding bitcoin erased $80.4 billion over the last day, leading several well-known crypto assets to lose substantial amounts of value. 

Meanwhile, Bitcoin Dominance—a.k.a. the metric that measures how much of the market is valued in $BTC — took a sharp turn upward. Yesterday, Bitcoin made up 63.66% of the market. Fast forward to today, that number jumped to the current 64.33%, signaling that investors are rotating back into bitcoin.

What Caused Today’s Drop

Today’s drop stems from not one, but several reasons as to why crypto is down. For starters, President Trump went after China today on Truth.Social—accusing the country of violating its trade agreement with the United States. Needless to say this rekindled all alarms of a trade war between the two largest economies in the world, sending crypto and all other financial sectors downward.