$100B Wiped From Crypto Markets as Bitcoin Sinks $3K in Hours (Market Watch)

Bitcoin’s price soared toward $96,000 during the Monday morning Asian trading session but was quickly stopped there and pushed south hard.

The altcoins are taking this beating even harder, with massive price drops from the likes of ADA, SUI, AVAX, LINK, and many others.

BTC Dumps by $3K

The previous trading week went in a highly volatile fashion as BTC skyrocketed to over $102,000 on Monday but dumped by more than ten grand in the next 48 hours. This culminated on Thursday with a price plunge to a 7-week low of $91,200 (on Bitstamp).

The asset bounced off in the following days and spiked above $95,000 on Friday, but that was short-lived. The weekend was somewhat sluggish, with the cryptocurrency’s price trading sideways around $94,000 and $95,000.

Monday began on a more positive note as BTC jumped to $96,000, but its run was quickly halted. The subsequent rejection has harmed bitcoin quite a bit, with its price dumping by three grand in hours to under $93,000. This week is also expected to be eventful, perhaps in a bearish manner once again, and you can find more about that here.

For now, BTC’s market cap has plummeted to $1.840 trillion, while its dominance over the alts has risen to 54.8%.

Alts in Freefall Mode

The altcoins are deep in the red once again, which is evident from the growing BTC dominance. Ethereum has dropped below $3,200 after a 2% daily decline. XRP, which was among the top performers during the weekend, is down by 3.6% to $2.43. BNB, SOL, DOGE, and TON have marked similar declines.

On the other hand, Cardano, Tron, Sui, Avalanche, and Chainlink have slumped hard by up to 7% in the case of ADA and SUI.

The cumulative market capitalization of all cryptocurrency assets has seen another $100 billion gone. The metric is down to $3.360 trillion on CG.