The cryptocurrency market had a rough day after a relatively quiet weekend, with Bitcoin dropping by a whopping $7,000 in just a few hours, further impacting most altcoins.
Bitcoin drops by over $7,000:
Bitcoin started Monday’s Asian trading session with a big drop, sliding from $105,000 to below $98,000, losing over 6% on the day.
Despite rebounding near $99,000, its market cap has dropped to $1.95 trillion, with a market dominance of over 56%.
Altcoins saw a sharp decline, with Ethereum falling by 7% to below $3,100, while XRP lost $3 to $2.8.
Coins like Solana, Dogecoin, Cardano, and Avalanche all suffered double-digit losses.
Several lesser-known cryptocurrencies, such as VIRTUAL, XCN, and PEPE, also fell by more than 20%.
As a result, the total cryptocurrency market cap fell by $250 billion, to $3.47 trillion, the lowest level in several weeks.
The recent price decline is a reminder that the crypto market is a volatile and unstable market, and anyone who wants to enter it must enter with an amount that they can afford to lose.
