Bitcoin’s price action worsened in the last 24 hours as the asset plunged below $88,000 for the first time since mid-November.
Altcoins suffered even worse losses, with large double-digit price declines in ETH, XRP, DOGE, ADA, LINK, AVAX, and more.
Just a few days ago, on Friday, Bitcoin not only recovered from Tuesday’s drop to $93,500, but also managed to gain momentum and challenge the psychological $100,000 level. However, a cyberattack on Bybit quickly halted this rise, and things have continued to decline ever since.
After a quiet weekend around $96,500, BTC fell to $94,000 on Monday despite recent massive buying by Strategy worth billions of dollars. However, that was just the beginning of a more violent correction, as Bitcoin plunged deeper on Tuesday morning, hitting below $88,000 (on Bitstamp).
This was its lowest price level since November 15, just 10 days after the US election. So far, BTC is still struggling to regain the $90,000 level after being rejected at $90,000 a few minutes ago.
Bitcoin’s market cap has plummeted by $150 billion in a day and is now down to $1.750 trillion on CG. The only positive side is BTC’s increasing dominance over altcoins, which is now up to 58.8%.
Bitcoin’s increasing dominance in a deep market correction can only mean one thing—altcoins are in for a big drop.
Most altcoins are posting double-digit losses. Ethereum, for example, has fallen below $2,400 after suffering a daily drop of 11%.
XRP, DOGE, ADA, SOL, LINK, XLM, AVAX, LTC, SUI, and many more have seen their prices fall by more than 10% in a single day. BNB and TRX are among the few to record single-digit declines.
The total market capitalization of crypto assets has dropped by more than $300 billion in a day, taking it below $3 trillion on CG for the first time in over three months.
