Cryptocurrency Markets Suffer Losses Worth Over $100 Billion: Altcoins Face Brutal Wipeout According to Market Watch Report
The cryptocurrency market has taken a tumble in the past 24 hours, with the cumulative market cap of all crypto assets shedding over $100 billion and currently standing at $3.9 trillion. This decline has been felt across various coins, including SOL, ADA, SUI, LINK, AVAX, and Ripple's native token, which have all plunged deep into the red.
Bitcoin, the world's largest cryptocurrency, has also experienced a nosedive, falling toward $116,000 due to its inability to overcome the $120,000 resistance. After reaching an all-time high (ATH) at over $123,000, Bitcoin's price consolidated and dipped below $120,000. Ethereum, on the other hand, remains relatively still at around $3,600.
Other double-digit losers among the larger-cap altcoins include Dogecoin, XLM, HBAR, and PEPE. Ripple's native token has lost over 11% of its value and dropped below $3.1. Some of the blame for Ripple's loss can be attributed to Upbit.
The reduction in bitcoin's dominance over the altcoins has been reduced from over 63% to 59% within a week or so. However, recent movements show investors favoring Bitcoin and Ethereum over smaller or speculative altcoins, causing an increase in Bitcoin’s market dominance.
The recent crash in altcoins like XRP, Dogecoin, and others has been driven by a combination of several key factors. Market-wide liquidations and leverage unwinding, institutional portfolio risk management, macroeconomic and geopolitical pressures, speculative asset rebalancing, specific dynamics like Ethereum validator exit crisis, and massive liquidations and sell-offs by major players have all contributed to substantial selling pressure and volatility across altcoins.
Investors are rotating capital back into Bitcoin, which is viewed as a safer and more established store of value during periods of market stress. This rotation tends to boost Bitcoin’s dominance percentage even as its price also experiences volatility.
For those interested, there are limited offers available for a $500 FREE position on any coin through Bybit, and a $600 exclusive welcome bonus on Binance.
References: [1] CoinDesk [2] The Block [3] Decrypt
- Despite Bitcoin's own decrease, investors seem to be favoring it as a safer asset during market turmoil, leading to an increase in its market dominance, currently standing at approximately 59%.
- The recent decline in the cryptocurrency market has affected not only smaller coins like XRP, Dogecoin, and others, but also larger altcoins such as XLM, HBAR, and PEPE, causing substantial selling pressure and volatility.
- For those looking to capitalize on the current market conditions, limited offers of a $500 FREE position on any coin are available through Bybit, and a $600 exclusive welcome bonus can be found on Binance.
