Crypto Markets Bled $300 Billion in a Day as Bitcoin (BTC) Slumped to $95K (Market Watch)
2025-01-08
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A lot can change in the cryptocurrency markets within 24 hours, and the last day proved that narrative, as BTC slumped from over $102,000 to $95,200.
The altcoins have suffered even more, with massive price declines from the likes of ETH, DOGE, ADA, AVAX, LINK, HBAR, DOT, and many others.BTC Slumps Hard
After a relatively quiet weekend, which BTC spent mostly at around $98,000, the cryptocurrency went on the offensive on Monday. Within just a few hours, its priceskyrocketedfrom under $99,000 to a multi-week peak of $102,400.
This was the first time the asset exceeded the $100,000 mark since the start of the year. It kept climbing during the Tuesday Asian trading session and peaked at $102,800 (on Bitstamp).
However, it quickly started to lose value as the day progressed. Once the US trading hours kicked in and some controversial datacame out, BTC started tofreefalland dumped by five grand in about 60 minutes. It kept dropping in the following hours and plunged to $95,200 earlier this morning, leaving roughly $700 million in liquidations.
Despite recovering slightly since then, bitcoin is still 6% down on the day. Its market cap has plummeted from over $2 trillion to under $1.9 trillion, and its dominance over the alts stands at 54.3%.Alts in Freefall State
As it typically happens during such violent corrections, most altcoins have it worse. Ethereum is among the poorest performers, having dumped by 8% from over $3,600 to under $3,400. Even more painful declines come from SOL, DOGE, ADA, AVAX, SUI, LINK, HBAR, DOT, and SHIB, as most of them have dumped by double digits.
XRP and BNB have dropped by a more modest 4.5% and 3.2%, respectively, while LEO is the only larger-cap alt that is not deep in the red.
The total crypto market cap went from $3.760 trillion yesterday to under $3.5 trillion today, losing roughly $300 billion in the process from top to bottom.