The total crypto market cap is above $3.7 trillion again, but it’s down by roughly $500 billion in just over a week.
It was another bloody Friday in the cryptocurrency markets, as bitcoin dumped to a multi-month low (on most exchanges) at under $104,000.
The altcoins were smashed even harder, with massive price declines from the likes of ETH, BNB, XRP, SOL, DOGE, and many others.
BTC Calms at $107K
The overall market-wide calamity began last Friday when BTC dumped from $122,000 to $110,000 or down to $101,000 on exchanges like Binance. It bounced off last weekend and remained above $110,000. It kept climbing at the start of the business week and peaked at $116,000 on Monday and Tuesday.
It faced an immediate and painful rejection at that point, which drove it south to $110,000. Although that support line held at first, the bears kept the pedal to the metal, and it gave on Thursday evening. The landscape only worsened on Friday when bitcoin slumped first to $108,000 and then below $104,000, which became a three-month low (again, on most exchanges).
After such a substantial collapse, came some positive macro news as US President Trump said the tariffs he announced on China last week won’t stand. BTC reacted with an immediate bounce to over $106,000 and has added another grand since then.
Nevertheless, its market cap has slipped to $2.130 trillion, while its dominance over the altcoins is 57.3%.
Alts Still Struggle
Although most altcoins have recovered some ground from their lows marked yesterday, the overall picture is still grim. ETH is below $3,900 after a minor decline on a 24-hour scale. BNB has lost the $1,100 support following a 3% drop. TRX, DOGE, ADA, LINK, HYPE, BCH, SUI, AVAX, and HBAR are also in the red, while XRP, SOL, and XLM are with minor gains.
COAI has dumped by another 17% in the past 24 hours, followed by AAVE (-5.3%) and ASTER (-5%). In contrast, ENA has surged by 12.5% followed by TAO (8%).
The total crypto market cap has recovered to just over $3.7 trillion on CG, but it’s still down by roughly $500 billion since last Friday.
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