Cryptocurrency

Billion

Bitcoin faced another violent rejection at the six-digit entry mark, which pushed it south hard as the asset dumped toward $94,000 on Monday evening.
The altcoins crashed even harder, with numerous double-digit price losers, before they were able to catch their breath and recover some ground.
<h2 id="btc-s-nosedive">BTC’s Nosedive</h2>
CryptoPotato <a href="https://cryptopotato.com/altcoins-in-retreat-as-bitcoin-btc-falls-further-away-from-100k-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> yesterday morning that BTC had fallen further away from the $100,000 level after surging past $101,000 on Sunday. Hours later, though, the asset breached into six-digit territory, but it was a short-lived move.
Although MicroStrategy <a href="https://cryptopotato.com/microstrategys-bitcoin-stash-rises-to-423650-btc-after-another-multi-billion-dollar-purchase/" data-wpel-link="internal" rel="noopener noreferrer nofollow">announced</a> another mindblowing bitcoin purchase, the cryptocurrency actually dumped hard in value and slumped by roughly six grand in hours. Thus, it plummeted toward $94,000 for the first time since last week’s leverage-induced crash.
Nevertheless, the asset managed to bounce off almost immediately and now sits above $97,000. This massive volatility harmed over-leveraged traders, with more than 500,000 such market participants getting wrecked on a daily scale. The total value of <a href="https://cryptopotato.com/over-1-4-billion-in-liquidations-as-bitcoin-btc-dumps-by-6k-in-hours/" data-wpel-link="internal" rel="noopener noreferrer nofollow">liquidated</a> positions is up to $1.6 billion, according to CoinGlass.
For now, the BTC market cap has declined to $1.930 trillion. The silver lining is that its dominance over the alts has shot up to 53%, as most of them have suffered a lot.
<figure id="attachment_374122" aria-describedby="caption-attachment-374122" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSD-9.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-374122" src="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSD-9.png" alt="Bitcoin/Price/Chart 10.12.2024. Source: TradingView" width="1835" height="819" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSD-9.png 1835w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSD-9-300x134.png 300w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSD-9-1024x457.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSD-9-768x343.png 768w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSD-9-1536x686.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSD-9-50x22.png 50w" sizes="(max-width: 1835px) 100vw, 1835px"></a>
 <figcaption id="caption-attachment-374122" class="wp-caption-text">
 Bitcoin/Price/Chart 10.12.2024. Source: TradingView
 </figcaption>
</figure>
<h2 id="alts-in-red">Alts in Red</h2>
As mentioned above, many of the alts dumped harder than BTC, even though they have managed to bounce off their Monday evening bottoms. Still, some of the biggest losers on a daily scale include BRETT (-14%), WIF (-13%), WLD (-13%), EOS (-12.5%), GALA (-12.3%), SAND (-12%), and TAO (-12%).
Larger-cap alts like ETH, SOL, and BNB have dropped by around 3-4%. XRP dumped beneath $2 briefly during the crash, and even though it stands at $2.2 now, it is still 7% down on the day.
Numerous others posted violent declines over the past day, but here are those who <a href="https://cryptopotato.com/these-crashed-altcoins-have-the-best-chance-to-bounce-back-santiment/" data-wpel-link="internal" rel="noopener noreferrer nofollow">stand the best chance</a> to bounce off quicker, according to Santiment.
The total crypto market cap went from $3.9 trillion to well below $3.6 trillion before settling at just over the latter. Thus, the metric is down by $300 billion daily.
<figure id="attachment_374123" aria-describedby="caption-attachment-374123" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/Screenshot-2024-12-10-114434.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-374123" src="https://cryptopotato.com/wp-content/uploads/2024/12/Screenshot-2024-12-10-114434.png" alt="Cryptocurrency Market Overview. Source: Coin360" width="1515" height="766" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/Screenshot-2024-12-10-114434.png 1515w, https://cryptopotato.com/wp-content/uploads/2024/12/Screenshot-2024-12-10-114434-300x152.png 300w, https://cryptopotato.com/wp-content/uploads/2024/12/Screenshot-2024-12-10-114434-1024x518.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/Screenshot-2024-12-10-114434-768x388.png 768w, https://cryptopotato.com/wp-content/uploads/2024/12/Screenshot-2024-12-10-114434-50x25.png 50w" sizes="(max-width: 1515px) 100vw, 1515px"></a>
 <figcaption id="caption-attachment-374123" class="wp-caption-text">
 Cryptocurrency Market Overview. Source: Coin360
 </figcaption>
</figure>
The post <a href="https://cryptopotato.com/crypto-market-cap-slumped-by-300-billion-amid-btc-altcoin-massacre-market-watch/" rel="noopener noreferrer nofollow">Crypto Market Cap Slumped by $300 Billion Amid BTC, Altcoin Massacre: Market Watch</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Crypto Market Cap Slumped by $300 Billion Amid BTC, Altcoin Massacre: Market Watch

Table of Contents

CryptoPotato_News

Other articles published on Dec 10, 2024

AAVE’s Next Move: Decoding the Emerging Bullish Trends

PEPE Memecoin Hits ATH With 26% Rally! $0.000030 Target Imminent?

These Crashed Altcoins Have The Best Chance to Bounce Back: Santiment

The Cult Father: Luigi’s Legendary Reign Begins on Solana

Best Crypto to Buy Right Now December 10 – Sei, Celestia, Worldcoin

Eric Trump Envisions a Crypto-Led Future, Calls for U.S. Leadership in Innovation

Join our free newsletter for daily crypto updates!