Hold onto your hats, crypto enthusiasts, because the market has taken a nosedive, and it's a wild ride! The total crypto market cap has dipped below the $3 trillion mark, leaving investors scratching their heads.
Bitcoin, the king of the crypto jungle, has had a rough 24 hours, plummeting below $88,000 for the first time since mid-November. Just a week ago, Bitcoin was flexing its muscles, bouncing back from a dip to $93,500 and eyeing the mythical $100,000 threshold. But alas, a cyber attack on Bybit threw a wrench in those plans, and things have only gone downhill from there.
After a chilled-out weekend lounging around $96,500, Bitcoin decided to take a tumble on Monday, even with Strategy's massive shopping spree. By Tuesday morning, it was in full freefall, landing just under $88,000—a low not seen since the November mid-point. BTC is now trying to claw its way back to $88,000 after being smacked back down from $90,000.
In the grand scheme of things, Bitcoin's market cap has been slashed by a whopping $150 billion daily, dropping to $1.750 trillion. But here's a little silver lining: Bitcoin's dominance over altcoins is growing, now standing at 58.8%.
Speaking of altcoins, they're not having a great time either. They've been hit with brutal double-digit losses. Ethereum has taken a nosedive below $2,400 with an 11% drop. Coins like XRP, DOGE, ADA, SOL, LINK, and many others have all lost more than 10% in value in just one day. BNB and TRX managed to keep their losses to single digits, but it's still a red sea out there.
The cumulative market cap of all crypto assets has shed a staggering $300 billion in a single day, and it’s now under the $3 trillion mark for the first time in over three months.
So there you have it, folks! It's a rollercoaster in the crypto world, and who knows what twists and turns are coming next. Keep your eyes peeled and stay tuned for more updates!
