- Bitcoin (BTC) dropped below the $60,000 price level, crashing 6% in 24 hours.
- Ether (ETH) also crashed 8% and is trading at $2,478.
- Meme coins including DOGE and SHIB crashed 6.58% and 6.76%, respectively.
The cryptocurrency market is experiencing a significant downturn, with the total market value falling below $2.2 trillion, now at $2.179 trillion, a 24-hour drop of 6.5%, according to CoinGecko data.
Bitcoin, the world’s largest digital asset, led the decline, slipping below the $60,000 mark in the past 24 hours. Bitcoin’s price currently sits at $59,355.84, having dropped from a high of $63,207.60 to a low of $58,116.75. This represents a 19.59% decrease from its all-time high of $73,750 reached in March of this year. Despite the price drop, Bitcoin still holds a dominant market share of 53.9%, with a valuation of $1.17 trillion.
On the other hand, Ether (ETH), the second-largest cryptocurrency by market cap, dropped 8.04% in the past 24 hours and is currently trading $2,478.8 with a market cap of $298 billion, and the digital asset is trading 49.26% lower from its all-time high (ATH) of $4,891.7, witnessed in November 2021 during the previous bull run.
The market downturn hasn’t spared other major altcoins and meme coins either. Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Chainlink (LINK) all saw substantial price drops. SOL crashed 6.87% to $148.18; ADA dipped 4.85% to $0.3541; AVAX went down 9% to $24.18; and LINK plunged 7.17% to $11.18.
Leading meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogelon mars (ELON), and FLOKI (FLOKI) also bled profusely. DOGE dropped 6.58% to $0.09938; SHIB crashed 6.76% to $0.0000138; PEPE dumped 10.66% to $0.057724; ELON plunged 13.10% to $1.58; and FLOKI crashed 2.30% to $0.0001531.
Even artificial intelligence (AI) associated tokens like Near Protocol (NEAR), Internet Computer (ICP), Artificial Liquid Intelligence (ALI), and Bittensor (TAO) joined the downtrend. NEAR dropped 9% to $4.52; ICP crashed 6.74% to $7.73; ALI dipped 11.84% to $1.29; and TAO dumped 12.20% to $319.01.
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Source: https://coinedition.com/crypto-market-plunge-bitcoin-below-60k-total-cap-down-6-5/