Bitcoin's price experienced another sharp nosedive on Tuesday morning, dropping to $80,850 on Bitstamp before quickly rebounding toward the $84,000 level. The latest fluctuation marked a higher low following previous market turbulence.
Bitcoin's recent troubles began at the start of the previous business week when it was rejected at $87,000. Bears subsequently took control, pushing the asset down to $83,500 and eventually slumping to $80,400 last Thursday. After a weekend bounce and sideways trading between $82,000 and $83,000, attempts to break out on Monday were halted at $84,000.
The violent fluctuations impacted leveraged traders, causing total daily liquidations to skyrocket to over $800 million. At press time, Bitcoin traded roughly $500 away from $84,000, maintaining a market capitalization of $1.670 trillion and a dominance rate of 59.7%.
Most larger-cap alternative cryptocurrencies suffered substantial declines amid the broader market downturn. Ethereum dipped to $2,400 before recovering above $2,500, though it remained down by over 1% on the day. Ripple's XRP lost the $1.40 level, Solana (SOL) dropped below $110, and BNB fell to $745.
Other notable losses included ZEC, which dropped over 6% to $1,226, and NEAR, which plummeted 10% to under $5.20. HYPE, ADA, HBAR, ONDO, ENA, AVAX, PUMP, and WLD also posted losses, with Cardano falling below $0.24. Meanwhile, STX stood out as one of the few notable gainers over the 24-hour period.
Altogether, the total cryptocurrency market capitalization decreased by over $20 billion over 24 hours, settling at $2.810 trillion.
