In a volatile 24-hour period, Bitcoin (BTC) saw its price plummet from over $102,000 to $95,200.
After a relatively quiet weekend, where BTC hovered around $98,000, the crypto surged on Monday. In just a few hours, its price rose from under $99,000 to a multi-week high of $102,400.
This was the first time BTC had crossed the $100,000 mark since the beginning of the year. It continued to rise in Asian trading on Tuesday and peaked at $102,800.
However, its value began to decline rapidly as US trading hours began. BTC plummeted by $5,000 in about 60 minutes. It continued to decline over the next few hours, reaching $95,200, causing an estimated $700 million in liquidation.
Although it has recovered slightly since then, Bitcoin is still down 6% for the day. BTC’s market cap has plummeted from over $2 trillion to under $1.9 trillion, while its dominance over altcoins is now at 54.3%.
As is typical of major corrections like this, altcoins have suffered the worst losses. Ethereum (ETH) was among the hardest hit, falling 8% from over $3,600 to under $3,400.
The more painful declines came from SOL, DOGE, ADA, AVAX, SUI, LINK, HBAR, DOT, and SHIB, with most of them down double digits in percentage terms.
XRP and BNB saw more modest declines of 4.5% and 3.2%, respectively. However, LEO was the only large-cap altcoin not to post a significant loss.
The total crypto market cap fell from $3.760 trillion yesterday to under $3.5 trillion today, losing about $300 billion in the process from peak to trough.
