Zcash (ZEC) Plunges Double Digits, Bitcoin (BTC) Drops Below $90,000: Market Watch

PUMP is the other big loser of the past 24 hours.

Also on a daily scale, most altcoins are deep in the red, with XRP plummeting over 6%, while ZEC is down over 20% following the departure of one of its developers.

BTC struggles at $90,000

The primary cryptocurrency had a solid ride from January 2, when it rose from less than $88,000 to just over $90,000. It briefly fell below that level on Saturday morning after the US initiated a military operation against Venezuela and its president. However, things quickly recovered and went like clockwork for the next few days.

It rose to $91,500 on Sunday, over $93,000 on Monday, and reached a multi-week peak of just under $95,000 on Tuesday morning. However, after gaining about $7,000 in just a few days, it was almost inevitable that a correction would be necessary.

Initially, BTC fell to $93,200, then rose again to $94,400, before pushing to $91,200 and challenging $93,600 within hours. Nevertheless, the bears took full control for the time being on Wednesday evening and Thursday, pushing the asset below $90,000 earlier today.

It is now struggling around that level and its market cap has fallen to $1.8 trillion on CG. The dominance over the alts is almost 57%.

Alts are bleeding out

The alternative coins followed BTC on its way south, with significant corrections. Ethereum was stopped at $3,250 and is now inches above $3,100. BNB has dipped below $900, while ADA is below $0.40. XRP has fallen double digits since its recent multi-week high and is now down to $2.10.

ZEC is the biggest loser among the top 100 alts after one of the developers said they were leaving the project. PUMP followed suit, while PEPE, UNI, SUI and CRO are next.

The total crypto market cap lost about $100 billion in one day, falling to $3.170 trillion on CG.