Bitcoin’s latest rejection at $84,000 resulted in another major leg down on Thursday morning, with the asset plummeting to a fresh monthly low of $80,200.
This substantial correction didn’t spare the altcoins as well, with many plummeting by over 5% from top to bottom. The total crypto market cap dumped by over $100 billion at one point.
BTC Crashed Toward $80K
It was precisely a week ago — last Thursday — when the primary cryptocurrency was sliding hard and slumped to a then-multi-week low of $80,400. The bulls finally intervened after this major $6,500 decline in just days and helped the asset recover some ground to $83,000 over the weekend.
They even pushed it to $84,000 at the start of the business week, but that was short-lived, and BTC tumbled below $81,000 on Tuesday morning as South Korea’s KOSPI plummeted. Nevertheless, bitcoin rebounded again and went into the Wednesday CPI announcement trading close to $84,000.
As inflation in September turned out to be slightly higher than expected, the cryptocurrency slipped again toward $82,000. It remained there for a while, but the growing tension in the Asian markets pushed it further south, and it bottomed, at least for now, at $80,200 earlier today.
Although it has recovered around a grand since then, it’s still 2.4% down on a 24-hour scale. Its market cap has slumped to $1.630 trillion on CMC, while its dominance over the alts has climbed above 60%.
All Aboard the Red Train
ETH led in terms of daily liquidations as it plunged the hardest from the top alts, going to a two-month low of $2,315 before it rebounded slightly to $2,370. Yet, it’s still 5% down on the day. XRP, SOL, BNB, and ADA are also down by 2%-4%, while DOGE and LINK have plummeted by 5% and 6%, respectively.
ZEC has nosedived by 10.5% as of press time, dropping to $1,100. NEAR (-7.5%), RAIN (-11.5%), BTW (-18.5%), TAO (-6%), and QNT (-6%) are also well in the red. PUMP, CC, RAY, ENA, LIT, and STX have all marked double-digit losses. In contrast, STRK has pumped by 10% to $0.087.
Overall, though, the crypto market cap has shed around $100 billion as of now daily and it’s down to $2.710 trillion on CMC.
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