Bitcoin Bounces Back From the $77K Crash, Ethereum Plummets to a 17-Month Low (Market Watch)
Over the past 24 hours, the cryptocurrency market endured another period of enhanced volatility and instability. Bitcoin (BTC), for one, tanked to a four-month low of under $77,000.
The altcoins have suffered even more substantial losses. Ethereum (ETH) temporarily slipped below $1,800 for the first time since October 2023, whereas its market cap tumbled to $221 billion.
BTC Overcomes the Latest Dip
The primary cryptocurrency recorded a brief price increase to almost $84,000 on March 10, but the bears quickly retook control again. In the following hours, they suppressed the valuation to as low as $76,700. It is worth mentioning that this level was last witnessed in November 2024.
As CryptoPotato reported, the market’s decline negatively affected traders who have opened long positions with high leverage. The liquidations on a 24-hour scale reached almost $1 billion, with BTC trades accounting for over 30% of the total figure.
In the past few hours, though, the bulls stepped in to stop the freefall. The asset’s price climbed to $81,500 where it stands at the moment of this writing.
BTC’s market capitalization is around $1.6 trillion, while its dominance against the alternative coins has risen to 58.9%.
ETH Leads the Altcoin Crash
The situation with some of BTC’s rivals is even worse. The second-biggest cryptocurrency – Ethereum (ETH) – plummeted to a 17-month low of $1,790 before slightly recovering to the current $1,900. Still, this represents a 10% price decrease on a daily basis.
Ripple (XRP), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Pi Network (PI), and many more altcoins have also entered red territory, albeit seeing less substantial losses than ETH.
The very few top 100 cryptocurrencies that have headed north in the past 24 hours include Story (IP), Movement (MOVE), MANTRA (OM), and Mantle (MNT).
The total cryptocurrency market capitalization currently stands at roughly $2.75 trillion, representing a 2.5% drop for the day.
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