Bitcoin has once again faced severe rejection at the six-figure entrance price, leading to a significant drop in its price, falling to $94,000 on Monday evening.
The decline in altcoins has been even more severe, with multiple altcoins seeing double-digit price drops before catching their breath and recovering some ground.
BTC plummets
CryptoPotato reported yesterday morning that after BTC surged to $101,000 on Sunday, it has further dipped below the $100,000 mark. However, hours later, the asset broke through six figures again, but this was just a brief fluctuation.
Despite MicroStrategy's announcement of another Bitcoin purchase, the value of this cryptocurrency has actually plummeted significantly, dropping by about $6,000 within a few hours. As a result, it has fallen to $94,000 for the first time since last week's collapse triggered by leverage.
Nevertheless, the asset quickly rebounded, currently priced above $97,000. This massive fluctuation has harmed over-leveraged traders, with more than 500,000 such market participants suffering losses daily. According to CoinGlass, the total value of liquidated positions reached $1.6 billion.
Currently, BTC's market cap has fallen to $1.93 trillion. The good news is that its dominance over altcoins has surged to 53%, as most altcoins have been severely hit.
Bitcoin/Price/Chart December 10, 2024.
Red alternative word
As mentioned, many altcoins have experienced larger declines than BTC, although they have successfully rebounded from Monday evening's lows. However, some of the altcoins with the largest daily declines include BRETT (-14%), WIF (-13%), WLD (-13%), EOS (-12.5%), GALA (-12.3%), SAND (-12%), and TAO (-12%).
Larger market cap altcoins like ETH, SOL, and BNB have dropped about 3-4%. XRP briefly fell below $2 during the crash, although its current price is $2.2, down 7% for the day.
Santiment states that many other stocks have also seen significant declines over the past day, but the following stocks are most likely to rebound faster.
The total market cap of cryptocurrencies fell from $3.9 trillion to well below $3.6 trillion before stabilizing at slightly above the latter level. Thus, this metric has fallen by $300 billion per day.
Cryptocurrency market overview.