Hold onto your hats, folks! The crypto rollercoaster is taking another wild turn with the market cap dipping down to $3.5 trillion. It's as if the weekend gave us a false sense of security, only for Monday to come crashing in with a bang, sending Bitcoin plummeting by a whopping seven grand in just about an hour.
And just when you thought it couldn’t get worse, the altcoins decided to join the party with some epic nosedives of their own. DOGE, ADA, XRP, SOL, and their pals probably wish they could hit the snooze button and skip this Monday altogether.
Last Monday gave us déjà vu, with Bitcoin taking a hard fall just below $100,000, only to spring back up to a record-smashing $109,000. But the day wasn't done with its surprises yet. The market got all jittery during Donald Trump's inauguration. His silence on crypto during his speech added fuel to the fire, leading to another correction. Yet, BTC managed to stay strong above the $100,000 mark, even flirting with $107,000 later in the week before easing into a weekend siesta at $105,000.
But as soon as the Asian trading session woke up on Monday, Bitcoin decided it was time for a southward expedition. In mere hours, it nosedived over seven grand, briefly dipping below $98,000, leaving a trail of liquidations in its wake. Ouch!
Even though Bitcoin has clawed its way back to $99,000, it's still nursing a 5% loss for the day. Its market cap has shrunk to $1.960 trillion, and while it now dominates the alts at over 56%, they're licking even bigger wounds.
Speaking of the altcoins, they’re painting the town red, and not in a good way. Ethereum is leading the gloomy parade with a 7% dip, taking it below $3,100. XRP couldn’t hold the $3 fort either, slipping to $2.8. Solana, Dogecoin, Cardano, Chainlink, Avalanche, Stellar, and SUI are all down with double-digit losses.
And if you thought it couldn’t get worse, brace yourself for some cringe-worthy losses of up to 20% from VIRTUAL, XCN, SOS, RAY, PEPE, OP, BONK, and the list goes on.
In total, the crypto market has seen over $250 billion vanish into thin air since yesterday, dragging the cumulative market cap to a multi-week low of $3.5 trillion. What a ride!
