Bitcoin’s price moves took a turn for the worse over the past several hours, as the asset slumped from $115,600 to a 12-day low of $112,000 before staging a minor recovery.
The altcoins have it even worse with massive sell-offs from most of them, including ETH, which dipped toward $4,000 earlier today.
BTC Slumped to $112K
Last week went rather well for bitcoin, which saw its price go from under $115,000 to a monthly peak of $118,000 on Thursday morning, just hours after the US Federal Reserve finally cut the key interest rates. Although that move was mostly anticipated, it still brought some minor but brief gains for BTC.
However, the cryptocurrency failed to maintain its run and quickly dipped toward $115,000 on Friday. It spent most of the weekend trading sideways around $115,000 and $116,000. The latest rejection at the latter came on Saturday evening, but bitcoin still maintained the $115,500 support on Sunday.
However, the landscape changed on Monday morning. At first, BTC dropped to $114,400, while the altcoins were bleeding out, before the market leader joined the broader sell-off and dumped to $112,000 for the first time since September 10.
This substantial nosedive caused a cascade of liquidations, which skyrocketed to $1.7 billion on a daily scale. BTC recovered some ground and now sits at $112,700, but it’s still 2.6% down on the day. Its market cap has plummeted to $2.245 trillion on CG, while its dominance over the alts is up to 56.4%.
BTCUSD. Source: TradingViewAlts in Freefall State
As mentioned above, most altcoins have it even worse than BTC over the past day. Ethereum has been hit hard, as a 6.4% drop has pushed it to well below $4,200 as of now. XRP has slumped to $2.8 after a 5.4% daily decline.
Solana, Cardano, Chainlink, Avalanche, HYPE, SUI, XLM, LTC, HBAR, and TON have dropped by up to 8%, while DOGE has plunged by double digits and struggles below $0.24.
The cumulative market cap of all crypto assets has erased $150 billion since yesterday and is down to well under $4 trillion on CG.
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