A lot can happen in the cryptocurrency market within a 24-hour period, and the last day proved that statement true, with BTC plummeting from over $102,000 to $95,200.
Altcoins suffered even more, with ETH, DOGE, ADA, AVAX, LINK, HBAR, DOT and many others seeing significant price drops.
BTC falls sharply
After a relatively quiet weekend, with BTC prices largely stable around $98,000, the cryptocurrency market suddenly became active on Monday. In just a few hours, the price of Bitcoin soared from less than $99,000 to a multi-week high of $102,400.
This is the first time this year that Bitcoin has surpassed the $100,000 mark. By Tuesday’s Asian trading session, Bitcoin had climbed further, reaching a high of $102,800 (Bitstamp data).
However, Bitcoin subsequently encountered strong selling pressure. As the US trading session began and some controversial data was released, the price of Bitcoin fell rapidly. In just 60 minutes, Bitcoin plummeted by $5,000. The decline continued in the following hours, and as of this morning, Bitcoin has fallen to $95,200, triggering market panic and leading to the liquidation of approximately $700 million.
Although Bitcoin subsequently rebounded slightly, it still recorded a 6% drop on the day. Its market value shrank sharply from more than $2 trillion to less than $1.9 trillion, and its market dominance over other cryptocurrencies also fell to 54.3%.
Bitcoin price chart 2025.1.8.
Alts in free fall
In this round of drastic adjustments, most altcoins performed even worse. Ethereum (ETH) became one of the worst performing assets, falling from over $3,600 to below $3,400, a drop of 8%. SOL, DOGE, ADA, AVAX, SUI, LINK, HBAR, DOT, and SHIB fell even more, with most currencies recording double-digit declines.
In comparison, XRP and BNB saw relatively modest losses, down 4.5% and 3.2% respectively. Notably, LEO is the only large-cap altcoin that has not suffered significant losses.
The total market capitalization of cryptocurrencies has fallen sharply from $3.760 trillion yesterday to below $3.5 trillion, evaporating about $300 billion from peak to trough.
Cryptocurrency market overview.
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