After a string of record gains that pushed Bitcoin to an all-time high of $108,000, the coin has seen a drop of more than $4,000 in the past few hours to settle just above $104,000.
This correction resulted in a total loss in cryptocurrency market cap of about $140 billion, bringing it to just over $3.85 trillion.
Following the decline in Bitcoin, altcoins have seen varying declines.
Ethereum is down 4% to just over $3,850, XRP is down 2.5% to $2.52, while SOL is struggling at $216.
ADA, TRX, AVAX, SHIB, and DOT also recorded declines of up to 9%.
This drop indicates an expected correction after rapid gains that pushed the market to its highest levels in the past days.
Despite the decline, Bitcoin's market cap remains at $2.08 trillion with a dominance of 54%.