A quiet weekend was followed by a sharp drop on Monday for Bitcoin as the asset plunged by seven thousand dollars in an hour.
As expected, altcoins suffered even worse, with major price drops in DOGE, ADA, XRP, SOL, and more.
Last Monday also started off much the same as today, with BTC falling below $100,000. However, it quickly rebounded and even surged to an all-time high above $109,000. More volatility occurred throughout the day, especially during and after Donald Trump’s inauguration.
Trump’s failure to mention crypto in his speech led to another correction, but BTC remained above $100,000. It surged to $107,000 during the week but lost some momentum over the weekend, hovering around $105,000.
As soon as the Asian trading session began on Monday, the price of bitcoin continued to plummet. Within hours, it fell more than seven thousand dollars and briefly fell below $98,000, leaving millions in liquidity.
Despite successfully bouncing back to $100,000, BTC is still down 5% on the day. Its market cap has fallen to $1.960 trillion on CG, but its dominance over altcoins has increased to over 56% as most altcoins have suffered larger losses.
As mentioned, altcoins are currently in the red. Ethereum led the negative trend with a 7% drop, which pushed its price below $3,100. XRP lost $3 and fell to $2.8. Solana, Dogecoin, Cardano, Chainlink, Avalanche, Stellar, and SUI all fell by double digits.
More painful drops of up to 20% came from VIRTUAL, XCN, SOS, RAY, PEPE, OP, BONK, and many more.
The cumulative market capitalization of all crypto assets has shrunk by more than $250 billion since yesterday. This indicator fell to a multi-week low of $3.5 trillion on CG.
