After several consecutive days of seeing mostly gains and posting new peaks, bitcoin finally pulled back by dropping over four thousand dollars in the last 12 hours or so.
Altcoins have followed suit, with notable price drops evident in the likes of ETH, DOGE, ADA, TRX, AVAX, and more.
BTC falls by $4K
The leading cryptocurrency rebounded from its low of $94,400 last weekend and began a massive surge that culminated yesterday. During that rally, it surpassed $100,000 on Thursday and has remained within six-digit territory for almost the entire time since.
After a slightly slow weekend around $101,500, the asset went on the offensive again on Monday morning and especially on Tuesday. At the beginning of the trading week, it soared to $106,500 and continued to rise on the second day to just over $108,000, which became its latest all-time high.
However, after gaining approximately $14,000 in a week, a correction seemed inevitable. That happened in the last 12 hours or so, when BTC plummeted by more than four thousand dollars and is now trading just inches above $104,000.
Its market cap has calmed down to $2.06 trillion in CG, and its dominance over alts is up to 54%.
Alts in backspace mode
As is often the case when BTC heads in any direction, altcoins follow suit. Ethereum is down 4% and sits at just over $3,850, XRP is down 2.5% to $2.52, as is SOL which is struggling at $216.
More losses come from companies such as ADA, TRX, AVAX, SHIB, TON, SUI, XLM, DOT and APT, with price drops of up to 9%. PEPE has also fallen sharply and is currently struggling to stay above $0.0000215.
The cumulative market capitalization of all cryptoassets approached $4 trillion yesterday, but has since dropped by about $150 billion to just under $3.85 trillion today.
