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Crypto Markets Shed $140 Billion as Bitcoin (BTC) Dumps by $4K After Latest Peak (Market Watch)
The cryptocurrency market has experienced a substantial correction, shedding a staggering $140 billion from its cumulative market capitalization. This significant downturn comes on the heels of Bitcoin’s latest peak, which saw it dump by over four thousand dollars in just 12 hours.
Following several consecutive days of largely positive price action and record-breaking highs, the primary cryptocurrency bounced off its low of $94,400 last weekend and embarked on a massive rally that culminated yesterday. During this impressive run-up, it breached the psychological barrier of $100,000 on Thursday and remained above six figures for nearly the entire period since then.
The asset spent the weekend lingering around $101,500 before resuming its ascent on Monday morning and gaining even more momentum by Tuesday. It ultimately reached a new all-time high, surpassing the $108,000 mark. However, given the substantial gains of roughly $14,000 within a week, it was only a matter of time before a correction set in.
Indeed, this correction has materialized, with Bitcoin dumping over four thousand dollars to currently trade just above $104,000. The asset’s market capitalization now sits at $2.06 trillion on CoinGecko.
In line with the typical pattern of Bitcoin’s price fluctuations, altcoins have also suffered from the sharp downturn. Ethereum has taken a 4% hit and is now trading around $3,850, while Ripple has dropped by 2.5% to $2.52. Solana, unfortunately, has struggled, currently hovering at $216.
Further losses can be seen across various other altcoins, including Ada, TRX, AVAX, SHIB, TON, SUI, XLM, DOT, and APT, with declines ranging from 4% to a staggering 9%. Meanwhile, the little-known meme-based token, PEPE, has fallen hard, trying to hold on above $0.0000215.
The cumulative market capitalization of all crypto assets had briefly approached the milestone of $4 trillion just yesterday but has since plummeted by approximately $150 billion to currently stand at around $3.85 trillion.
As the dust settles from this correction, investors are left reeling, assessing the damage and recalibrating their strategies in response to this significant downturn.
Source: cryptopotato.com
