In just one day, there can be significant fluctuations in the cryptocurrency market, and yesterday served as a clear example of this volatility. Bitcoin, for instance, dropped from approximately $102,000 to $95,200 within that 24-hour period.
These alternative cryptocurrencies have taken a significant hit, as tokens like Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Hedera Hashgraph (HBAR), Polkadot (DOT), and numerous others have experienced substantial price drops.
BTC Slumps Hard
Over the tranquil weekend, Bitcoin predominantly hovered around $98,000. However, come Monday, it switched to an aggressive stance. In a matter of hours, its value soared from nearly $99,000 to a high not seen in weeks at $102,400.
For the first time this year, the value surpassed $100,000, and it continued to rise during the Asian trading session on Tuesday, reaching an all-time high of $102,800 on Bitstamp.
As the day unfolded, the value of BTC began to decline rapidly. Once US trading hours commenced and some questionable data was released, Bitcoin plummeted by approximately five thousand dollars within an hour. The downward trend persisted throughout the remaining hours, reaching a low of $95,200 earlier this morning. This sudden drop resulted in around $700 million worth of liquidations.
Although it’s shown a slight improvement since, Bitcoin currently sits 6% lower compared to the beginning of the day. Its market value has dropped significantly from more than $2 trillion to less than $1.9 trillion, and its influence over the alternative cryptocurrencies remains at approximately 54.3%.
Alts in Freefall State
In these common instances of severe market corrections, altcoins usually suffer the most. Ethereum is one of the hardest hit, with a 8% drop from around $3,600 to under $3,400. However, even more significant decreases are seen in coins such as SOL, DOGE, ADA, AVAX, SUI, LINK, HBAR, DOT, and SHIB, with most of them experiencing double-digit losses.
In a less dramatic decline compared to others, XRP and Binance Coin (BNB) have fallen by approximately 4.5% and 3.2%. Meanwhile, among the larger cryptocurrencies, only LEO has managed to avoid significant losses.
Yesterday, the overall value of the cryptocurrency market was approximately $3.76 trillion, but today it has dropped below $3.5 trillion, which translates to a decrease of around $300 billion from its highest to lowest point.
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2025-01-08 13:04