Bitcoin’s adverse price actions went to another level on Saturday when the asset plummeted to just over $75,000, which became its lowest price tag since April last year.
The alternative coins bled out heavily as well, with the likes of ETH, XRP, SOL, and many others plunging by double digits at one point. The total crypto market cap erased around $200 billion in hours.
BTC Dumped to $75K
It was already a painful week for BTC, which began with a nosedive last Sunday and Monday when the asset fell from $89,000 to a five-month low at the time of $86,000. It recovered in the following days to over $90,000 before the FOMC meeting on Wednesday, but started to drop in the hours after the Fed paused the interest rate cuts.
The situation worsened on Thursday when some of the US Navy moved closer to Iran as the tension in the Middle East skyrocketed. Bitcoin lost $9,000 in hours and fell to $81,000 for the first time since last July.
It recovered some ground on Friday while the precious metal market crumbled. However, the bears took control once again on Saturday. BTC traded sideways around $83,000 and $84,000 when it suddenly initiated a massive leg down, resulting in a crash to just over $75,000. Thus, the cryptocurrency had lost roughly $20,000 in less than two weeks.
Despite recovering to $79,000 as of now, BTC is still 5% down on the day. Its market cap has plunged below $1.6 trillion, while its dominance over the alts is at 57.4% on CG.
BTCUSD Feb 1. Source: TradingView
Alts Bleed Out
Ethereum was among the worst performers yesterday when it plummeted from roughly $2,800 to $2,250. Ripple’s XRP plunged to a 14-month low at $1.50. Most other altcoins followed a similar trajectory with massive declines, and have managed to post only modest rebounds in the past 12 hours or so.
The 24-hour scale now shows a clear and painful picture, with a 9% drop for SOL, a 10% decline for XMR, while LTC, SUI, LINK, and DOGE are down by about 5%. RAIN, HYPE, and CC are among the few exceptions from the larger-cap alts.
The total crypto market cap erased $200 billion from top to bottom, going down to $2.7 trillion on CG.
Cryptocurrency Market Overview Daily Feb 1. Source: QuantifyCrypto
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