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These Altcoins Bleed Out as Bitcoin (BTC) Slips Below $93K (Market Watch)
Bitcoin’s latest price drop has sent shockwaves throughout the cryptocurrency market, with many altcoins following suit and bleeding out. In a stunning turn of events, Bitcoin (BTC) has slipped below the crucial $93,000 threshold, sending panic waves across the community.
The bears have been relentless in their attack on BTC, causing it to plummet by nearly ten grand since Tuesday morning. As a result, its market capitalization has plummeted below $1.85 trillion, further solidifying its dominance over the altcoins at 54% on CoinGecko (CG).
Meanwhile, the altcoin market is not faring any better. Cardano’s native token, ADA, has taken the biggest hit, plunging by a staggering 8.5% in just 24 hours and dipping below the $1 mark. DOGE, AVAX, LINK, and XLM are also among the losers within the same time frame, with declines of up to 7%.
However, AI16Z and WIF have suffered the most devastating losses, plummeting by double digits (19% and 14%, respectively) to prices of $1.47 and $1.62.
In a dramatic turn of events, the cumulative market capitalization of all crypto assets has lost over $350 billion in just two days and now stands at around $3.4 trillion on CG.
The cryptocurrency market continues to be a bloodbath, with many investors struggling to make sense of the relentless downturn.
Source: cryptopotato.com
