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Title: These Altcoins Bleed Out as Bitcoin (BTC) Slips Below $93K (Market Watch)
The cryptocurrency market has been experiencing a tumultuous period, with many altcoins taking a significant hit in value. This comes as the flagship cryptocurrency, Bitcoin (BTC), slipped below the critical threshold of $93,000.
Bitcoin’s Troubles Continue
It’s hard to believe it was just 48 hours ago when BTC reached new yearly highs above $102,000. The surge was largely attributed to growing ETF inflows, but a sudden shift in sentiment followed the release of the US jobs report. In the span of mere minutes, the asset plummeted from six-digit territory to below $97,000 on Tuesday afternoon.
The bears continued to push BTC lower throughout Wednesday, ultimately leading to a weekly low at $92,500 (on Bitstamp). The price briefly recovered to touch $95,000, but that proved short-lived as ETF flows turned negative, with nearly $600 million in red. As the Asian trading session progressed on Thursday, the asset dropped once more to below $93,000.
The recent decline has seen BTC lose almost ten grand since Tuesday morning and its market capitalization plummeted below a staggering $1.85 trillion. The dominant position of Bitcoin over other cryptocurrencies remains unchanged, maintaining an impressive 54% dominance over alts on CG.
Altcoins in Free Fall
The altcoin space is not immune to the chaos, with many assets experiencing significant losses. Cardano’s native token, ADA, has taken a particularly severe hit, plummeting by more than 8% within the past 24 hours and falling beneath the $1 mark. Other notable losers include DOGE, AVAX, LINK, and XLM, which have all dropped by up to 7%.
However, AI16Z and WIF have suffered the most substantial losses of over 19% and 14%, respectively, trading at $1.47 and $1.62.
The cumulative market capitalization of all cryptocurrencies has taken a devastating hit, plummeting by over $350 billion in just two days to $3.4 trillion on CG.
Disclaimer: The information presented is solely the opinion of the writer quoted and does not necessarily represent the views of CryptoPotato. Readers are encouraged to conduct their own research before making any investment decisions and should be aware that the information provided carries risk.
Source: cryptopotato.com
