$150 Billion Wiped Out From Crypto Markets as Bitcoin Drops Below $117K: Market Watch

After several consecutive days of almost constant gains and a $15,000 run higher, bitcoin has finally started to correct and has dropped by over six grand since yesterday’s all-time high.

The altcoins have followed suit, with substantial price declines from the likes of DOGE, BCH, SOL, SHIB, CRO, APT, and many others.

BTC Slips Below $117K

What a week it has been in the cryptocurrency world. Less than seven days ago, bitcoin’s price was stuck between $105,000 and $110,000 with little to no fluctuations and a lack of a clear future direction. However, the landscape quickly changed on Wednesday evening when BTC pumped above the upper boundary and tapped a new all-time high at $112,000.

The gains continued in the following couple of days, and BTC peaked at almost $119,000 on Friday. The weekend went mostly quietly, with BTC standing a few grand below its record.

The bulls went back on the offensive on Sunday evening and especially on Monday, when it surged past $120,000 and tapped a new ATH at just over $123,000. This meant that the cryptocurrency had added roughly $15,000 in about five days, and here are some of the possible reasons behind that impressive run.

However, some warning signs started to appear. Additionally, Trump gave Russia a 50-day deadline to reach a peace deal with Ukraine, and BTC began losing traction.

Earlier today, the asset fell below $117,000 and has remained there ever since. Its market cap has retreated to $2.320 trillion on CG, and its dominance over the alts is at 62.1%.

BTCUSD. Source: TradingView

Alts in Retreat

Many altcoins experienced exponential gains over the past few days but have slipped on a daily scale. Dogecoin is among the poorest performers since yesterday, having lost almost 7% and trading close to $0.19. However, that could actually be good news for the largest meme coin.

BNB, SOL, HYPE, BCH, SHIB, LINK, and HBAR are also in the red with losses of up to 5.5%. ETH is below $3,000 after a 2% daily decline, while XRP has retreated to $2.9 following a similar decrease.

The cumulative market cap of all crypto assets has dropped by roughly $150 billion since yesterday’s peak to under $3.750 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto