Crypto Markets Shed $250 Billion as BTC Plunged to 11-Day Low (Market Watch)

The calm weekend was followed by a Monday massacre for bitcoin as the asset plunged by seven grand within an hour or so.

Expectedly, the altcoins have it even worse, with massive price drops from the likes of DOGE, ADA, XRP, SOL, and many others.

BTC Dumps by $7K

Last Monday began somewhat similarly to this one, as BTC dumped hard to just under $100,000. However, it quickly bounced off and even skyrocketed to a new all-time high of over $109,000. More volatility ensued during the day, especially during and after Donald Trump’s inauguration.

His failure to mention crypto during his speech resulted in another correction but BTC remained north of $100,000. It jumped to $107,000 later on in the week but lost some ground during the weekend, which it spent at around $105,000.

Once the Monday Asian trading session kicked in, bitcoin’s price headed straight south. In a matter of a few hours, it dumped by over seven grand and briefly slipped below $98,000, leaving millions of liquidations.

Despite bouncing off to $99,000 now, BTC is still 5% down on the day. Its market capitalization has plunged to $1.960 trillion on CG, but its dominance over the alts has gone to over 56%, as most have suffered a lot more.

Alts Bleed Out

As mentioned above, the alternative coins have gone into deep red territory. Ethereum leads the adverse trend with a 7% drop that has pushed it below $3,100. XRP lost the $3 mark and has plummeted to $2.8. Solana, Dogecoin, Cardano, Chainlink, Avalanche, Stellar, and SUI are all down by double digits.

Even more painful declines of up to 20% come from VIRTUAL, XCN, SOS, RAY, PEPE, OP, BONK, and many others.

The cumulative market capitalization of all crypto assets has seen over $250 billion gone since yesterday. The metric has plunged to a multi-week low of $3.5 trillion on CG.