Crypto Markets See $300B Wipeout as Bitcoin, Altcoins Face Sharp Decline
Release: 2024/12/10 19:09 Reading: 573
Bitcoin and Altcoins Experience Sharp Plunge
Bitcoin witnessed a significant drop on Monday night, declining from its milestone of $101,000 to $94,000. The altcoin market faced even more severe crashes, with many assets losing double digits before partially recovering.
After surpassing $101,000 on Sunday, Bitcoin retreated from the elusive $100,000 threshold. Despite MicroStrategy's announcement of another large bitcoin acquisition, the cryptocurrency's value plummeted by approximately $6,000 within hours.
This decline marked Bitcoin's descent to $94,000 for the first time since last week's crash, which was attributed to excessive leverage. Fortunately, Bitcoin rebounded swiftly, reaching over $97,000.
The sharp volatility impacted over-leveraged traders, with over 500,000 participants facing significant losses. According to CoinGlass, the total value of liquidations exceeded $1.6 billion. Bitcoin's market capitalization currently stands at $1.930 trillion, and its market dominance has climbed to 53% due to the severe downturn in altcoins.
In contrast to Bitcoin, altcoins experienced a more pronounced decline before recovering slightly. Among the heavily impacted were BRETT (-14%), WIF (-13%), WLD (-13%), EOS (-12.5%), GALA (-12.3%), SAND (-12%), and TAO (-12%). Larger altcoins such as ETH, SOL, and BNB faced reductions of around 3-4%. XRP briefly fell below $2 during the turmoil but has since recovered to $2.2, though it remains 7% lower for the day.
The overall cryptocurrency market capitalization dropped from $3.9 trillion to below $3.6 trillion, stabilizing just above the latter. This represents a daily decrease of $300 billion.
The downturn in the crypto market adds to the uncertainty surrounding BTC and altcoins as they navigate turbulent times and volatile price movements.
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