Crypto Market Cap Drops By $300 Billion Amid BTC And Altcoin Massacre: Market Watch

Bitcoin faced another violent rejection at the six-digit entry mark, pushing it hard south, as the asset poured into $94,000 on Monday evening.

Altcoins crashed further, with numerous double-digit price losers, before they could catch their breath and regain some ground.

BTC crash

CryptoPotato reported yesterday morning that BTC had fallen further away from the $100,000 level after breaking above $101,000 on Sunday. Hours later, however, the asset entered six-digit territory, but it was a short-lived move.

Although MicroStrategy announced another mind-blowing purchase of bitcoins, the cryptocurrency fell in value and was down approximately six thousand in hours. Thus, it plummeted toward $94,000 for the first time since last week’s leverage-induced crash.

However, the asset managed to bounce back almost immediately and is now above $97,000. This massive volatility hurt over-leveraged traders, with over 500,000 market participants wiped out on a daily basis. The total value of liquidated positions is up to $1.6 billion, according to CoinGlass.

At the moment, the market capitalization of BTC has decreased to $1.930 trillion. The good thing is that their dominance over the highs has shot up to 53% as most of them have suffered a lot.

Bitcoin/Price/Chart 10.12.2024. Source: TradingView Highs in red

As mentioned above, many of the highs launched stronger than BTC, although they have managed to bounce back from their Monday evening lows. Still, some of the biggest losers on a daily basis include BRETT (-14%), WIF (-13%), WLD (-13%), EOS (-12.5%), GALA (-12.3%) , SAND (-12%), and TAO (-12%).

Larger cap alternatives like ETH, SOL and BNB are down around 3-4%. XRP dipped below $2 during the crash, and while it now sits at $2.2, it is still down 7% on the day.

Many others posted sharp declines over the past day, but these are the ones with the best chance of rebounding the fastest, according to Santiment.

The total crypto market cap went from $3.9 trillion to well below $3.6 trillion before settling at just over the latter. So the metric is reduced by $300 billion per day.

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