Crypto Markets Dumped by $250B in Days as Bitcoin Falls Below $90K: Market Watch

The cryptocurrency gains charted in the first couple of weeks of the new year have been lost in the span of just a few days, as BTC’s price tumbled below $88,000 earlier today to mark a 19-day low.

The altcoins have been on a massive slide lately, and the past 24 hours were brutal for some, such as XMR, HYPE, and many others.

BTC Slumps Below $90K

It was just a week ago when the primary cryptocurrency was riding high, reaching $98,000 for the first time in months. The community quickly put the $100,000 mark next as greed became the predominant sentiment.

Although the six-digit price territory remained a mirage, BTC still traded above $95,000 for the next several days, and even during the weekend when the tension between the EU and the US escalated further. However, all of that stability changed on Monday morning when the Asian and some futures markets opened.

BTC tumbled from $95,500 to $92,000, tried a quick recovery to $93,500, only to be halted and driven south to $91,000 on Tuesday. The situation worsened in the past 12 hours as the cryptocurrency plummeted further, this time to under $88,000. This became its lowest price tag since January 2.

Although it has recovered some ground and now trades above $89,000, it’s still 2% down on the day and 6% lower weekly. Its market cap has tumbled to $1.780 trillion, while its dominance over the alts is at 57.5%.

Alts’ Despair Continues

Ethereum stood above $3,300 during the weekend, but after three days of consecutive losses, has slumped below $3,000. XRP went from over $2.10 to $1.90 as of now. BNB has lost the $900 support, while TRX is down by 3% daily.

XMR has seen the most substantial decline over the past 24 hours (15%) and is below $500 now. HYPE is the other massive loser daily, dumping by over 8% to $21. In contrast, CC (7%) and WLFI (5%) are well in the green but are among the few exceptions.

The cumulative market cap of all crypto assets has dumped below $3.1 trillion on CG. This means that it has shed over $250 billion since Monday morning.

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