Hold on to your hats, crypto enthusiasts, because it's a wild ride in the cryptocurrency world today! The market is seeing a sea of red, and Bitcoin is leading the charge downhill.
Just when we thought Bitcoin was about to break into the six-figure club, it hit a wall just shy of $100,000. Instead of popping champagne, we're watching Bitcoin take a nosedive, losing over $6,000 in a matter of hours. Talk about a rollercoaster!
And it's not just Bitcoin feeling the heat. The altcoin squad, including Solana, Dogecoin, Cardano, Stellar, and Polkadot, is also seeing red, with some big drops on the scoreboard.
Bitcoin had been on a tear since Trump's election win three weeks ago, reaching an all-time high just over $99,800 last Friday. But alas, it couldn't quite make the leap into six-digit territory and started slipping back.
Saturday saw Bitcoin dip below $98,000, then under $96,000 on Sunday, with the real drama unfolding on Monday. It briefly flirted with $99,000, but the bears had other plans, dragging it down below $93,000 for the first time in about a week.
Analysts are noting that these kinds of corrections are par for the course after such a massive run-up, with some suggesting more short-term pain might be lurking. But hey, the bull cycle might not be finished just yet!
In the latest update, Bitcoin is once again under $93,000, with its market cap dipping below $1.840 trillion, and its dominance slipping a tad to 55%.
As for the altcoins, they're mostly taking a hit too, except for the resilient ETH and TON, which are holding steady. Meanwhile, SOL, XRP, DOGE, ADA, AVAX, XLM, and DOT are down as much as 13%, and SAND and RAY are feeling the burn with 15% losses.
Overall, the total market cap of all cryptocurrencies has shrunk by about $200 billion since yesterday, now sitting below $3.340 trillion. So, buckle up and stay tuned for more twists and turns in the crypto saga!
