Bitcoin faced another violent rejection at the six-digit entry mark, pushing it lower as the asset fell towards $94,000 on Monday night.
Altcoins crashed even harder, with numerous double-digit price losses, before they were able to catch their breath and regain some ground.
BTC’s plummet
cryptopotato reported yesterday morning that BTC had moved further away from the $100,000 level after breaking above $101,000 on Sunday. However, hours later, the asset broke six-digit territory, but it was a short-lived move.
Although MicroStrategy announced another mind-blowing bitcoin purchase, the cryptocurrency actually lost a lot of value and dropped approximately six thousand dollars in hours. Therefore, it plummeted towards $94,000 for the first time since last week’s leverage-induced decline.
However, the asset managed to rebound almost immediately and now sits above $97,000. This huge volatility hurt overleveraged traders, and more than 500,000 of these market participants were ruined on a daily basis. The total value of liquidated positions is up to $1.6 billion, according to CoinGlass.
For now, BTC’s market capitalization has decreased to $1.93 trillion. The positive side is that their dominance over alts has skyrocketed to 53%, as most of them have suffered a lot.
Alts in red
As mentioned above, many of the alts crashed harder than BTC, even though they managed to bounce off their Monday night lows. Still, some of the biggest losers on a daily scale include BRETT (-14%), WIF (-13%), WLD (-13%), EOS (-12.5%), GALA (-12.3%) , SAND (-12%), and TAO (-12%).
Larger cap alternatives like ETH, SOL, and BNB have fallen by 3% to 4%. XRP briefly fell below $2 during the decline, and although it now sits at $2.2, it is still down 7% on the day.
Many others recorded violent falls over the past day, but these are the ones most likely to recover the fastest, according to Santiment.
The total crypto market capitalization went from $3.9 trillion to well below $3.6 trillion before settling just above the latter. Therefore, the metric is down $300 billion daily.
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