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Bitcoin’s price was stopped ahead of $100,000, and the subsequent rejection pushed it south hard, causing the asset to lose over six grand in hours.
The altcoins have also turned red, with massive declines from the likes of Solana, Dogecoin, Cardano, Stellar, Polkadot, and many others.
BTC’s Substantial Correction
The primary cryptocurrency experienced a mindblowing rally since Trump won the US elections three weeks ago, which culminated on Friday with a surge to just over $99,800, which became the asset’s highest price level ever. However, it couldn’t go a few hundred dollars higher to tap into six-digit territory and started to lose value.
It dropped below $98,000 on Saturday and under $96,000 on Sunday, but its actual crash occurred on Monday. Interestingly, the day started with a price increase that pushed it to $99,000 but the bears came out of the woods at this point and didn’t allow another run toward $100,000.
Just the opposite, BTC started to lose value rapidly and slumped below $93,000 for the first time in about a week. Analysts noted that such corrections are expected following similar 40% runs. Some warned that there could be more pain behind the corner for the short term, but there are also indications that the overall bull cycle is not over yet.
BTC is below $93,000 once again now, with its market cap dumping below $1.840 trillion. Its dominance over the alts has retraced slightly as well to 55% on CG.
Alts Turn Red, too
The altcoins have plummeted hard as well in the past day, aside from ETH and TON, which have managed to remain almost at the same levels as yesterday.
Others, though, such as SOL, XRP, DOGE, ADA, AVAX, XLM, and DOT, have plunged by up to 13%. Even more losses come from SAND and RAY, both of which are down by 15%.
The cumulative market cap of all crypto assets has slumped by approximately $200 billion since yesterday, going below $3.340 trillion now.
