HASH and WLFI are among the worst performers, while HYPE is actually in the green on a daily basis.
The alternative coins also fell heavily, with ETH, XRP, SOL and many others plunging double digits at one point. The total market capitalization of cryptocurrencies has wiped out approximately $200 billion in a matter of hours.
BTC dumped to $75K
It’s already been a painful week for BTC, which began a nosedive last Sunday and Monday as its value fell from $89,000 to a five-month low of $86,000. Yields recovered in the following days to over $90,000 before Wednesday’s FOMC meeting, but began falling in the hours after the Fed halted interest rate cuts.
The situation worsened on Thursday as part of the US Navy moved closer to Iran, as tensions soared in the Middle East. Bitcoin lost $9,000 within hours, falling to $81,000 for the first time since July last year.
It recovered some ground on Friday as the precious metals market slumped. However, on Saturday the bears took control again. BTC was trading sideways around $83,000 and $84,000 when it suddenly initiated a massive decline, resulting in a crash to just over $75,000. For example, the cryptocurrency had lost approximately $20,000 in less than two weeks.
Despite recovering to $79,000 so far, BTC is still down 5% on the day. Its market cap has fallen below $1.6 trillion, while its dominance over alts on CG stands at 57.4%.
Alts are bleeding out
Ethereum was among the worst performers yesterday as it plummeted from around $2,800 to $2,250. Ripple’s XRP fell to a 14-month low at $1.50. Most other altcoins followed a similar trajectory with massive declines, managing only a modest recovery in the past twelve hours.
The 24-hour scale now shows a clear and painful picture, with SOL down 9%, XMR down 10%, while LTC, SUI, LINK and DOGE are down around 5%. RAIN, HYPE, and CC are among the few exceptions to the larger-cap alts.
The total crypto market cap has wiped out $200 billion from top to bottom, falling to $2.7 trillion on CG.
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