Significant changes in the cryptocurrency markets in the last 24 hours have led to major losses. Bitcoin and altcoins faced rapid price declines.
BTC Slumps Hard
After a relatively quiet weekend with BTC around $98,000, it surged to $102,400 on Monday. This was the first time its price exceeded $100,000 since the start of the year. However, it soon started losing value. Once US trading hours began and some controversial data came out, BTC dropped by $5,000 in about 60 minutes, hitting $95,200. Despite a slight recovery, bitcoin is still down 6% on the day. Its market cap fell from over $2 trillion to under $1.9 trillion.
Alts in Freefall State
As is often the case with such violent corrections, most altcoins suffered even more. Ethereum is among the worst performers, having dropped 8% from over $3,600 to under $3,400. Other altcoins like SOL, DOGE, ADA, AVAX, SUI, LINK, HBAR, DOT, and SHIB also experienced double-digit declines. Meanwhile, XRP and BNB fell by 4.5% and 3.2%, respectively. LEO was the only large-cap altcoin not deeply in the red.
Cryptocurrency Market Overview
The total crypto market cap went from $3.760 trillion yesterday to under $3.5 trillion today, losing roughly $300 billion. This highlights the volatility and rapid shifts in the market.
Recent events in the cryptocurrency markets highlight their inherent volatility and the need for cautious investment approaches in digital assets.
