Bitcoin’s Price Decline

Bitcoin’s price action took a turn for the worse over the past day, plunging below $88,000 for the first time since mid-November.

The altcoins have performed even worse, experiencing massive double-digit price declines from major cryptocurrencies like ETH, XRP, DOGE, ADA, LINK, and AVAX.

BTC to Multi-Month Low

Just a few days ago, BTC had managed to recover from a dip to $93,500 and even challenged the $100,000 mark. However, a hack against Bybit interrupted its ascent, leading to further declines.

After a calm weekend around $96,500, BTC dropped to $94,000 on Monday and faced a violent correction, slumping to just under $88,000 on Tuesday morning (on Bitstamp).

This marks its lowest price since November 15, shortly after the US elections. Currently, BTC is struggling to reclaim the $88,000 level after being rejected at $90,000 just minutes ago.

Its market cap has fallen by $150 billion in a day, shrinking to $1.750 trillion. A silver lining is the growing dominance over altcoins, rising to 58.8%.

Alts Freefall

The increasing BTC dominance during this downturn indicates that altcoins have significantly declined. Ethereum, for instance, has dropped below $2,400 after an 11% decrease in one day.

XRP, DOGE, ADA, SOL, LINK, XLM, AVAX, LTC, and many others have seen losses exceeding 10% in the past day, while BNB and TRX recorded single-digit declines.

The cumulative market capitalization of all cryptocurrencies has decreased by over $300 billion in a day, falling below $3 trillion for the first time in over three months.