Crypto markets shed $300 billion in one day as Bitcoin (BTC) tumbles to $95,000 (Market Watch)

A lot can change in cryptocurrency markets in 24 hours, and the last day proved that narrative as BTC fell from over $102,000 to $95,200.

Altcoins have suffered even more, with massive price drops including ETH, DOGE, ADA, AVAX, LINK, HBAR, DOT and many others.

BTC sinks hard

After a relatively quiet weekend, which BTC mostly spent around $98,000, the cryptocurrency went on the offensive on Monday. Within hours, its price soared from less than $99,000 to a multi-week high of $102,400.

This was the first time the asset broke the $100,000 mark since the start of the year. It continued to rise during the Asian trading session on Tuesday and hit a high of $102,800 (on Bitstamp).

However, it quickly began to lose value as the day progressed. Once the US trading hours started and some controversial data came out, BTC started free falling and jumped by five thousand in about 60 minutes. It continued to drop in the following hours and fell to $95,200 earlier this morning, leaving roughly $700 million in liquidations.

Although it has recovered slightly since then, bitcoin is still down 6% on the day. Its market capitalization has fallen from more than $2 trillion to less than $1.9 trillion, and its dominance of the highs stands at 54.3%.

Bitcoin/Price/Chart 8.1.2024. Source: TradingView Alts in Freefall State

As is usually the case during such violent corrections, most altcoins fare worse. Ethereum is among the poorest, having dropped 8% from over $3,600 to under $3,400. Even more painful drops come from SOL, DOGE, ADA, AVAX, SUI, LINK, HBAR, DOT and SHIB, as most of them have been dumped by double digits.

XRP and BNB are down a more modest 4.5% and 3.2%, respectively, while LEO is the only larger-cap alternative not deeply in the red.

The total crypto market cap went from $3.760 trillion yesterday to less than $3.5 trillion today, losing roughly $300 trillion in the top-down process.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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