These Altcoins Bleed Out as Bitcoin (BTC) Slips Toward $102K (Market Watch)

Bitcoin’s price struggles intensified over the last 24 hours, as it fell below the $105,000 mark, with a decline of approximately $3,000.

Altcoins have also been affected negatively on a daily basis, with Ethereum (ETH) dropping to $2,300, Dogecoin (DOGE) falling to $0.35, and Cardano (ADA) sinking below $1.

BTC Decline

The weekend had been relatively advantageous for Bitcoin, maintaining its value above $100,000 amid the volatility surrounding the TRUMP token. However, Monday, particularly during the Asian trading session in the morning, depicted a contrary scenario.

Bitcoin began its downward trend as the day commenced, plummeting from $106,000 to just under $100,000. This significant drop was followed by a rebound that propelled the cryptocurrency to surpass $109,000, marking a historic peak.

After reaching this all-time high, Bitcoin started to lose ground, a decline that was especially pronounced during Trump’s inauguration speech, where he neglected to mention cryptocurrencies or Bitcoin, leading to another decrease of several thousand dollars.

Despite this, Bitcoin regained some stability on Wednesday, hovering around $105,000. Unfortunately, in the last 24 hours, it has faced another setback, currently resting at approximately $102,000. Its market capitalization has also experienced a decline but remains above $2 trillion, while its dominance over altcoins is still over 55% according to CoinGecko.

Altcoins Struggle

In the past 24 hours, most alternative cryptocurrencies have suffered declines. Ethereum is teetering on the edge of dropping below $3,200 after a 2.6% dip. Similarly, Solana (SOL) has fallen under $250, while Dogecoin (DOGE) and Cardano (ADA) have both seen losses exceeding 3%. Chainlink has experienced the highest decline among larger-cap altcoins, dropping 6% to below $25.

Following closely in this downturn are Avalanche (AVAX), SUI, and Stellar (XLM), in addition to mid-cap altcoins like PEPE, AAVE, VET, and CRO.

The total market capitalization for all cryptocurrencies has decreased by over $100 billion since yesterday, now standing at approximately $3.660 trillion according to CoinGecko.