Bitcoin’s price action took a turn for the worse over the past day as the asset plunged below $88,000 for the first time since mid-November.
The altcoins have performed even worse over the same period, with massive double-digit price declines from ETH, XRP, DOGE, ADA, LINK, AVAX, and many others.
BTC to Multi-Month Low
It was just a few days ago, on Friday, when the primary cryptocurrency had not only recovered from the Tuesday dip to $93,500 but also managed to gain some traction and challenge the coveted $100,000 line. However, the hack against Bybit quickly stopped its ascent, and the landscape has only worsened since then.
Following a calm weekend, in which the asset spent around $96,500, BTC dropped to $94,000 on Monday despite Strategy’s latest multi-billion dollar purchase. That was just the beginning of a violent correction, though, as bitcoin slumped even harder on Tuesday morning to just under $88,000 (on Bitstamp).
This became its lowest price point since November 15 – or just 10 days after the US elections. As of now, BTC struggles to reclaim the $88,000 level after a rejection at $90,000 minutes ago.
Its market capitalization has plunged by $150 billion daily and is down to $1.750 trillion on CG. The silver lining is the growing dominance over the alts, as the metric has increased to 58.8%.
Alts Freefall
The growing BTC dominance in times of deep correction means only one thing – the alts have dumped hard. In fact, double-digit price losses are evident from most. Such examples come from Ethereum, which has tumbled below $2,400 after an 11% daily drop.
XRP, DOGE, ADA, SOL, LINK, XLM, AVAX, LTC, SUI, and many, many others have recorded price drops of more than 10% in the past day. BNB and TRX are among the few with single-digit declines.
The cumulative market capitalization of all crypto assets has shed more than $300 billion in a single day as the metric is now below $3 trillion on CG for the first time in over three months.
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