Crypto Markets Plummet $100B as Bitcoin, Ether, Ripple Fall

Bitcoin’s latest attempt to break past $84,000 was rebuffed, triggering a significant downturn on Thursday morning. The cryptocurrency plummeted to a new monthly low of $80,200.

This sharp correction was not confined to Bitcoin, as many altcoins also experienced declines of over 5%. The total cryptocurrency market capitalization saw a drop of more than $100 billion at one point.

Just a week prior, on the previous Thursday, Bitcoin had also faced a substantial decline, slumping to a then multi-week low of $80,400. Bullish sentiment eventually intervened after this $6,500 drop over a few days, helping the asset recover some ground to $83,000 by the weekend.

The bulls even managed to push Bitcoin to $84,000 at the start of the trading week. However, this momentum proved short-lived, and BTC tumbled below $81,000 on Tuesday morning, coinciding with a fall in South Korea’s KOSPI index. Despite this, Bitcoin rebounded once more, trading near $84,000 ahead of Wednesday’s Consumer Price Index (CPI) announcement.

Following the release of September inflation data, which came in slightly higher than anticipated, the cryptocurrency again slipped, moving towards $82,000. It held this level for a period, but escalating tensions in Asian markets exerted further downward pressure, leading to a bottoming out, at least for the moment, at $80,200 earlier today.

While Bitcoin has since recovered approximately $1,000, it remains down 2.4% over the past 24 hours. Its market capitalization has fallen to $1.630 trillion on CoinMarketCap, and its dominance over altcoins has climbed above 60%.

Ethereum (ETH) led in terms of daily liquidations, experiencing the steepest decline among major altcoins. It fell to a two-month low of $2,315 before a slight rebound to $2,370. Nevertheless, ETH is still down 5% on the day. XRP, Solana (SOL), Binance Coin (BNB), and Cardano (ADA) are also trading down between 2% and 4%, while Dogecoin (DOGE) and Chainlink (LINK) have seen steeper drops of 5% and 6%, respectively.

Zcash (ZEC) had nosedived by 10.5% as of press time, falling to $1,100. Other notable decliners include NEAR (-7.5%), Rain (RAIN) (-11.5%), BitTorrent (BTW) (-18.5%), Fetch.ai (TAO) (-6%), and Quant (QNT) (-6%). PUMP, CC, Raydium (RAY), Ethena (ENA), Litentry (LIT), and Stacks (STX) have all registered double-digit losses. In contrast, StarkNet (STRK) has seen a 10% surge, reaching $0.087.

Overall, the cryptocurrency market capitalization has shed approximately $100 billion in daily trading, now standing at $2.710 trillion on CoinMarketCap.