The cryptocurrency market has taken a considerable hit, shedding over $100 billion as several altcoins plummet by double digits. Following a weekend marked by escalating geopolitical tensions, Bitcoin (BTC) saw its price drop significantly, falling to just below $92,000 on Monday morning.
After experiencing a peak at around $98,000 earlier in the week, Bitcoin faced a strong sell wall and remained above $95,000 for several days. However, the onset of a tumultuous week began with substantial geopolitical events, including military movements in Greenland and trade tensions between the US and EU. This environment of uncertainty culminated in a sharp decline for Bitcoin, which fell by over $3,000, marking a six-day low.
Despite a slight recovery of approximately $1,000 since its low, Bitcoin is still observing a daily decrease of over 2%. Its market capitalization has now dropped below $1.860 trillion, while its dominance remains robust at 57.5% against other cryptocurrencies.
In tandem with Bitcoin”s decline, other major altcoins also experienced significant losses. Ethereum (ETH) struggled to stay above $3,200 after dropping from $3,350, while XRP has fallen below the $2.00 mark, even dipping to as low as $1.84 earlier today. Other notable altcoins like DOGE, SOL, ADA, LINK, and others have seen painful declines as well.
The steepest losses were recorded by tokens such as ASTER, SUI, APT, ONDO, ARB, PEPE, and ENA, all of which suffered double-digit percentage drops. However, exceptions include XMR and ICP, which managed to trade positively amid the overall market downturn.
Overall, the total cryptocurrency market capital has decreased to approximately $3.220 trillion, a stark reminder of the volatility that characterizes this rapidly evolving space.
