The crypto market dropped roughly $100 billion in one day as Bitcoin plummeted beneath $41K while Ethereum crashed more than 5%.
Bitcoin continued its downside within the past day and plunged to five-day lows below $41K. That triggered a bloodbath in the altcoin market, Solana and Ethereum recording massive losses. ATOM remains the only token in green once more.
BTC Dropped beneath $41K
Bitcoin printed its largest green candlestick in more than a year on 28 February. That came as the world’s largest crypto gained nearly $6,000 to touch $45K after the Western nations declared not involving themselves with the Russia-Ukraine conflict directly.
The optimistic price actions saw Bitcoin printing a new three-week peak. Nevertheless, it could not conquer more upside levels as bears emerged. Bitcoin recorded value loss within the following days, plummeting beneath $41K during Friday’s sessions. The crypto gained some ground but remained nearly 4% down within the past day.
As a result, the token’s market cap plunged under $800 billion. Remember, the figure hit $850 billion a couple of days ago.
Altcoins Crash
The altcoin market also recorded new monthly peaks early this week. However, most tokens have reversed the gains, mimicking Bitcoin’s performance. Ethereum, the leading alt, climbed from $2,200 to above $3,000. However, the latest downswing had the token losing $300 of its value. While publishing this content, ETH traded at $2,744.88, following a more than 6% overnight crash.
Solana led losers in the large-cap altcoins, dropping 7% of its price. That way, SOL hovers around $90 after overcoming the $100 mark yesterday. Ripple, Binance Coin, Shia Inu, MATIC, Dogecoin, Polkadot, Avalanche, Cardano wavers in the red.
More declines came from Convex Finance (9% drop), Humans (9% fall), Uniswap (7% decline), Helium (8%) drop), Radix (6% loss), and Amp (7% drop).
Such developments saw the global market cap of digital coins dropping by around $100 billion over the past 24 hours to $1.84 trillion.
The decline comes as Russia continues its military operation in Ukraine. Meanwhile, proponents believe the crypto market will see a boom soon. Regions within the war zone switch to crypto as traditional money depicts limitations.
