Cryptocurrency markets experienced a significant downturn overnight, with losses totaling $250 billion. Bitcoin, the primary cryptocurrency, saw a sharp drop of $8,000 after reaching an all-time high of nearly $74,000. Other altcoins like XRP, ADA, AVAX, DOGE, and SHIB also suffered double-digit price declines in the past 24 hours.
Bitcoin’s recent price trajectory had been impressive, breaking above $50,000 and surpassing the 2021 all-time high of $69,000. The cryptocurrency continued to climb, reaching over $70,000 by the end of last week and hitting a new all-time high of $73,900 yesterday. However, signs of a potential correction began to emerge, leading to a drop to $70,000 and eventually falling to a weekly low of $65,600.
Currently, Bitcoin has recovered slightly to just above $67,000, but its market cap has decreased by over $100 billion in just one day, amounting to just over $1.3 trillion. Its dominance over other altcoins has also slightly decreased to 49.5%.
The downturn in Bitcoin also affected most altcoins, with Ethereum failing to overcome the $4,000 mark and dropping 7.5% to below $3,700. BNB, another popular altcoin, reached a multi-year peak but has now retreated to $570.
Other altcoins that experienced significant declines include Cardano, Avalanche, Dogecoin, Ripple, Polkadot, Polygon, Toncoin, and Shiba Inu, all of which saw double-digit losses in the past day. Alongside mid- and lower-cap altcoins, the total cryptocurrency market cap has plummeted by over $250 billion in 24 hours, now standing at $2.650 trillion.