The cryptocurrency market can change significantly within 24 hours, and the last day proved this, with BTC plummeting from over $102,000 to $95,200.
Altcoins suffered even greater losses, with many currencies such as ETH, DOGE, ADA, AVAX, LINK, HBAR, and DOT experiencing significant price drops.
BTC experienced a significant drop.
After experiencing a relatively calm weekend, the price of BTC remained stable around $98,000. However, on Monday, the cryptocurrency market suddenly became active. In just a few hours, the price of Bitcoin surged from less than $99,000 to a high of $102,400, the highest in weeks.
This is the first time Bitcoin has broken the $100,000 mark this year. By Tuesday's Asian trading session, Bitcoin further climbed, reaching a high of $102,800 (Bitstamp data).
However, Bitcoin then faced strong selling pressure. As the U.S. trading session began, accompanied by some controversial data releases, the price of Bitcoin quickly fell. In just 60 minutes, Bitcoin plummeted by $5,000. The downtrend continued for several hours, and by this morning, Bitcoin had dropped to $95,200, triggering market panic and leading to about $700 million in liquidations.
Although Bitcoin rebounded slightly afterward, it still recorded a 6% drop for the day. Its market capitalization shrank significantly from over $2 trillion to below $1.9 trillion, and its dominance over other cryptocurrencies fell to 54.3%.
Bitcoin price chart 2025.1.8.
Alts in free fall.
In this round of severe adjustments, most altcoins performed even worse. Ethereum (ETH) became one of the worst-performing assets, dropping from over $3,600 to below $3,400, a decline of up to 8%. SOL, DOGE, ADA, AVAX, SUI, LINK, HBAR, DOT, and SHIB fell even more, with most of them recording double-digit declines.
In contrast, the declines in XRP and BNB were relatively smaller, dropping by 4.5% and 3.2%, respectively. Notably, LEO was the only large altcoin that did not suffer significant losses.
The total market capitalization of cryptocurrencies plummeted significantly from yesterday's $3.76 trillion to below $3.5 trillion, evaporating about $300 billion from peak to trough.
