As Bitcoin (BTC) fell below $93,000, these altcoins also dropped.
Bitcoin seems unable to catch a breath, as the asset has dropped below $93,000 several times in the past 12 hours or so.
Many altcoins are also in a terrible situation, with significant price declines for DOGE, ADA, AVAX, LINK, and others.
BTC's troubles are mounting.
Just about 48 hours ago, major cryptocurrencies reached new annual highs. Recall that amid increasing ETF inflows, the asset climbed above $102,000 after a relatively calm weekend, but the situation changed after the U.S. released the latest employment report.
In just a few minutes, cryptocurrencies plummeted from six-figure territory to below $97,000 on Tuesday afternoon. On Wednesday, short sellers continued to push BTC lower, ultimately leading to a price drop to $92,500, further worsening the situation. After hitting a new low for the week, Bitcoin rebounded and touched $95,000, but this was short-lived as ETF fund flows turned negative, losing nearly $600 million.
During Thursday's Asian trading session, BTC fell below $93,000 again. Although it is currently slightly above that level, the asset has lost nearly $10,000 since Tuesday morning.
Its market capitalization has fallen below $1.850 trillion, but its dominance over altcoins remains above 54% on CG.
ADA is down 8.5%
The situation for altcoins isn’t much better, especially for Cardano’s native token. ADA plummeted over 8% in the past 24 hours, falling below the $1 mark. DOGE, AVAX, LINK, and XLM are other currencies that saw significant drops of up to 7% during the same period.
However, the currencies that fell the most and suffered the most were AI16Z and WIF. Both assets dropped by double digits (19% and 14% respectively), to $1.47 and $1.62.
The total market capitalization of all crypto assets lost over $350 billion in two days, dropping to $3.4 trillion on CG.