These Altcoins Bleed Out as Bitcoin (BTC) Slips Below $93K (Market Watch)
2025-01-09
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Bitcoin just doesn’t seem to be able to catch a break, as the asset slipped below $93,000 on a couple of occasions in the past 12 hours or so.
Many altcoins are also in dire situations, with notable price losses from the likes of DOGE, ADA, AVAX, LINK, and others.BTC’s Troubles Keep Mounting
It was just about 48 hours ago when the primary cryptocurrency was charting new yearly peaks. Recall that the asset had climbed above $102,000 after a relatively quiet weekend amid growing ETF inflows, but then the landscape changed after the US announced the latest jobs report.
In a matter of minutes, the cryptocurrencyplungedfrom six-digit territory to under $97,000 on Tuesday afternoon. The situationworsenedon Wednesday as the bears keptpushing BTC south, which culminated in a price drop to $92,500 (on Bitstamp). After that weekly low, bitcoin bounced off and touched $95,000, but that was short-lived as the ETF flows turned negative, with nearly $600 million in the red.
As the Thursday Asian trading session progressed, BTC dropped once again to under $93,000. Although it sits just above that line now, the asset has lost nearly ten grand since Tuesday morning.
Its market cap has plummeted below $1.850 trillion but its dominance over the alts stands tall above 54% on CG.ADA Down 8.5%
The altcoins are in no better shape, especially Cardano’s native token. ADA has plunged by more than 8% in the past 24 hours and has lost the $1 mark. DOGE, AVAX, LINK, and XLM are the other massive losers within the same time frame, with declines of up to 7%.
Nevertheless, the biggest and most painful decreases are evident from AI16Z and WIF. Both assets have tumbled by double digits (19% and $14%, respectively) to $1.47 and $1.62.
The cumulative market cap of all crypto assets has lost over $350 billion in two days and is down to $3.4 trillion on CG.