Over the past 24 hours, the cryptocurrency market has experienced another wave of heightened volatility and instability. Bitcoin (BTC), in particular, has seen significant fluctuations, dropping to a four-month low of under $77,000.
The altcoins have also taken a substantial hit, with Ethereum (ETH) temporarily slipping below $1,800 for the first time since October 2023, causing its market capitalization to plummet to $221 billion.
BTC Overcomes the Latest Dip
The leading cryptocurrency managed to record a momentary price increase to nearly $84,000 on March 10. However, bearish sentiment quickly regained control, suppressing the valuation to as low as $76,700—levels not seen since November 2024.
As reported by CryptoPotato, this market decline adversely impacted traders who had opened high-leverage long positions. Liquidations over a 24-hour period soared to nearly $1 billion, with BTC trades constituting over 30% of this total.
Fortunately, in recent hours, bullish activity has emerged, interrupting the downward trend. Currently, the asset’s price has climbed to $81,500, where it remains at the time of this writing.
Bitcoin’s market capitalization now stands at approximately $1.6 trillion, and its dominance relative to alternative coins has risen to 58.9%.
ETH Leads the Altcoin Crash
Meanwhile, the situation for Ethereum and other altcoins is considerably more severe. Ethereum (ETH) has plummeted to a 17-month low of $1,790 before staging a slight recovery to the current price of $1,900. Nonetheless, this still represents a 10% decline on a daily basis.
Other cryptocurrencies such as Ripple (XRP), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Pi Network (PI) have also entered negative territory, although the losses are less severe than those experienced by Ethereum.
Remarkably, only a few top 100 cryptocurrencies have experienced gains in the past 24 hours, including Story (IP), Movement (MOVE), MANTRA (OM), and Mantle (MNT).
The total cryptocurrency market capitalization currently hovers around $2.75 trillion, marking a 2.5% decline for the day.
The volatility seen in the cryptocurrency market underscores the need for caution among traders and investors. As the situation continues to evolve, staying informed will be critical in navigating these unpredictable waters.
