The gains of the first two weeks of the year evaporated quickly, after the price of Bitcoin dropped today to below $90,000, recording its lowest level in 19 days, before bouncing slightly above $89,000.
With this decline, the market value of Bitcoin fell to around $1.78 trillion, while its dominance in the market remained close to 57.5%, at a time when the crypto market lost more than $250 billion since Monday morning.
Just a week ago, the price of Bitcoin reached $98,000 for the first time in months, and market expectations rose towards $100,000 as greed dominated sentiments.
And despite failing to reach six figures, the currency maintained trading above $95,000 for several days, even during the weekend which saw heightened tensions between the United States and the European Union.
However, with the opening of Asian markets and futures contracts on Monday morning, the scene flipped and the price of Bitcoin fell from 95,500 to 92,000, then attempts to recover failed and the currency dropped to 91,000 on Tuesday, before later falling below 88,000.
Alternative cryptocurrencies continued to bleed more severely.
The price of Ethereum declined from above $3300 during the weekend to below $3000 after three consecutive days of losses.
XRP dropped from over 2.10 to around 1.90, while BNB broke the support of $900, and TRX declined by about 3% during the day.
Monero (XMR) was one of the biggest losing cryptocurrencies in the last 24 hours, dropping nearly 15% to trade below $500, while HYPE fell by more than 8% to around $21.
In contrast, a few cryptocurrencies recorded gains such as CC and WLFI.
As a result of this performance, the total market capitalization of the cryptocurrency market fell to below $3.1 trillion.
