Both Bitcoin and Altcoins retraced in the past 24 hours culminating in over $100 billion loss in the crypto market. The ultimate crypto market cap has also dropped below $2trillion barely 4 days after it hit that mark.

Bitcoin was hit hard in the correction as it’s price fell to around $45,000. Altcoins which surged higher in the past 24 hours had struggled afterward. ETH is close to breaking below $3,000, ADA is just above $2, and BNB is down to $400.

Bitcoin drop below $45,000

The number one cryptocurrency drop below the $45,000 resistance level appeared to be a surprise. BTC price has been healthy since it dropped over the weekend to $46,000.

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It moved to $48,000 on Sunday and eyes were on $50,000 until the bears took over the market. Bitcoin began to decline and even stalled at $46,000 at some point.

However, it began to recover and failed at $47,000 and back below $45,000. It declined all the way to $44,400, its lowest in the last five days, and recovered back above that level hours after. It currently trades slightly above $45,000.

Bitcoin Price chart as prices fluctuate since Saturday, Source: CoinGecko

Bitcoin market cap also has dropped a little below $850 billion.

Altcoins reek of red

Altcoins experienced a recent price surge that saw it close in on Bitcoins dominance as number one crypto.

Ethereum, for example, surged above $3,300 a few days back. Nevertheless, ETH is deep in red on a 24-hour scale and is close to a dump below $3,000 now.

ADA was one of the best performing crypto ousting BNB as number three crypto and hitting a month high at $2.25. It is currently down to $2.

Solana also which registered consecutive all-time highs, has dropped by 5.5% and is currently sitting below $70.

Other altcoins have also plunged mildly. Binance Coin has retraced below $400 following a 6% dump. XRP (-7%), Bitcoin Cash (-6%), and Chainlink (-9%) are also deep in the red. Dogecoin (-10.5%), Uniswap (-11%), and Polkadot (-10.5%) have lost even double-digit percentages.

Crypto market overview in the past 24 hours, Credit; QuantifyCrypto

Middle and lower-cap Altcoins also plunged harder as Audius (-20%), Voyager Token (-17%), THETA (-13%), Shiba Inu (-12%), THORChain (-12%), Kusama (-11%), and Aave (-10%).

The plunge has led to the entire crypto market cap dropping below $2trillion. It sits at $1.98 trillion currently.