Bitcoin's recent crash has caused significant turmoil in the cryptocurrency market.
After reaching an all-time high of over $108,000, Bitcoin's price plummeted by 7% to $97,020. This sharp decline has led to sell-offs across major cryptocurrencies, including Ethereum, XRP, Dogecoin, and Solana.
The market's volatility is evident in the $1.17 billion in liquidations, with Bitcoin alone accounting for $241 million. The recent downturn has triggered $1.17 billion in liquidations within a 24-hour period, highlighting the volatile nature of the cryptocurrency market.
Investor sentiment has been shaken, with concerns about the sustainability of recent gains and the potential for further declines. The impact of Bitcoin's crash extends to altcoins, such as Ethereum, XRP, and Dogecoin, which have all experienced steep losses.
Ethereum dropped by 12% to $3,422, XRP declined by 11% to $2.22, Dogecoin plunged by nearly 20% to approximately $0.31, and Solana slipped below $200 to $191.
The interplay between Bitcoin and altcoins will be crucial in determining the trajectory of the market.
As the cryptocurrency market continues to navigate through this period of volatility, investors are closely watching the relationship between Bitcoin and altcoins, as it will play a significant role in shaping the market's future.