The total cryptocurrency market capitalization shed approximately $100 billion in a sharp downturn. Bitcoin was rejected at $69,200 and plunged toward $66,000 following a statement from former President Donald Trump indicating an escalation in the Iran conflict. Major altcoins like Ethereum, Solana, and HYPE also declined, while XRP overtook BNB in market cap ranking. The market has since partially recovered to a total valuation of $2.380 trillion.
The cryptocurrency market experienced significant volatility, with the total market cap dropping by roughly $100 billion from peak to trough. Bitcoin faced a rejection at $69,200 and fell to around $66,000 after former President Donald Trump’s statement that *”the war against Iran will continue with more strikes.”*
Bitcoin’s weekly correction began after being rejected at $72,000 last Wednesday, leading to a drop to $65,600 by Friday. The asset rebounded over the weekend but dipped to a monthly low of $65,000 on Monday before climbing back to $69,200 yesterday.
Altcoins traded deeply in the red, with Ethereum dropping to $2,050 and Solana and HYPE declining by over 5%. Despite a nearly 3% drop, XRP managed to overtake BNB in terms of market capitalization.
A few assets posted gains, with STABLE and ALGO rocketing by over 19% in a day. The total crypto market cap has rebounded to $2.380 trillion, with Bitcoin’s dominance over altcoins remaining above 56%.
