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Crypto Market Bleeds Out Again as Bitcoin (BTC) Was Rejected at $100K (Market Watch)
The crypto market has taken a sharp downturn, with the majority of assets incurring significant losses. The rejection of bitcoin at the psychologically important $100,000 level has led to a cascade of selling, causing widespread damage throughout the market.
Bitcoin’s failure to break through the $100,000 barrier has resulted in a reversal of its recent gains. Despite a brief rally over the weekend, the cryptocurrency has succumbed to downward pressure once more, now trading below $96,000. Its market capitalization has plummeted to under $1.9 trillion on CG, while its dominance over the alts has increased to 54.6%.
The rejection of bitcoin at $100K has sent shockwaves throughout the entire crypto space, with altcoins suffering even more severe losses. Ethereum, which had managed a brief rally in recent days, is now trading below $3,400 after a 3.5% daily drop.
Other notable losers include XRP, DOGE, SOL, BNB, TRX, TON, ADA, AVAX, LINK, SHIB, HBAR, XLM, and DOT, with losses of up to 9%. Even more pain has been inflicted upon AAVE, ONDO, and HYPE, which have plummeted by as much as 10%.
The cumulative market capitalization of all crypto assets has suffered a significant blow, shedding over $100 billion in the process and now stands at $3.46 trillion on CoinGecko.
As the dust settles from this latest downturn, it remains to be seen whether this is merely a correction or the start of something more sinister. One thing is certain however: investors should exercise extreme caution as the market navigates these treacherous waters.
Source: cryptopotato.com
