After several days of impressive gains and new record highs, Bitcoin (BTC) has retraced significantly, falling by over $4,000 in the past 12 hours.
The leading cryptocurrency began its recent rally last weekend, bouncing off a low of $94,400 before breaking through the $100,000 mark on Thursday. Following a relatively quiet weekend around $101,500, BTC resumed its upward climb at the start of the week, hitting a fresh all-time high of $108,000 on Tuesday.
However, after gaining nearly $14,000 in a week, a market correction appeared inevitable. Bitcoin has now pulled back and trades just above $104,000, marking its sharpest decline in days.
Altcoins See Widespread Losses
As is typical during Bitcoin’s price movements, the altcoin market has followed suit, with significant losses across the board:
- Ethereum (ETH): Down 4%, trading just above $3,850.
- XRP: Declined by 2.5% to $2.52.
- Solana (SOL): Dropped 2.5%, struggling at $216.
Other notable declines include:
- Cardano (ADA), Tron (TRX), Avalanche (AVAX), Shiba Inu (SHIB), Toncoin (TON), Sui (SUI), Stellar (XLM), Polkadot (DOT), and Aptos (APT), with losses of up to 9%.
- PEPE has also taken a significant hit, currently battling to stay above $0.0000215.
Total Market Cap Drops by $150 Billion
The cumulative crypto market capitalization approached the $4 trillion mark on Tuesday amid Bitcoin’s rally. However, the market correction has wiped out approximately $150 billion, bringing the total valuation down to just under $3.85 trillion.
After an explosive surge to new all-time highs, Bitcoin’s correction has brought a swift market-wide pullback, with altcoins experiencing notable losses. Despite the retracement, BTC’s ability to remain above $104,000 signals strong support. As the market adjusts, traders will closely monitor Bitcoin’s next moves to determine whether further corrections or a renewed rally lies ahead.
