The cryptocurrency market experienced a significant downturn, with Bitcoin briefly dipping below the $100,000 mark. The widespread sell-off impacted major cryptocurrencies, including Ethereum, BNB, XRP, and Avalanche, resulting in a substantial decrease in the overall market capitalization. More than $200 billion in value was erased from the crypto market in less than a day and a half.
Bitcoin fell as low as $99,764 during the session. That would be the first time in a month that it has fallen below the six-figure level. This decline constitutes a greater than 6% decrease from its value just last weekend. Even after the bigger recent slump, Bitcoin is still trading close to the $100,000 mark, an important psychological price point for many investors.
ETH came under pressure, crashing down to $2,184, its lowest price in weeks. Ethereum holds a 24-hour trading volume worth $29.12 billion, demonstrating extreme amount of trading activity. Here’s why Ethereum has plummeted more than 10% over the last week.
Several other prominent cryptocurrencies experienced notable declines. BNB was down 5% on the day, and XRP dropped under $1.94. Avalanche wasn’t spared either as it tumbled below $16. Solana was down, but the exact percentage is not mentioned.
Market capitalization at time of writing was $264.72 billion. The total market capitalization of the 13,356 cryptocurrencies dropped to $3.04 trillion — down 5%. This massive crash highlights the volatile nature that is core to the cryptocurrency industry.
