Bitcoin Bounces Back From the $77K Crash, Ethereum Plummets to a 17-Month Low (Market Watch)
Over the last 24 hours, the cryptocurrency market has seen a tumultuous wave of volatility. Bitcoin (BTC) has notably experienced a steep decline, plunging to a four-month low of just below $77,000. This poor performance has galvanized bearish sentiment among investors, which may lead to further price erosion if the trend persists. Meanwhile, Ethereum (ETH) has not been spared, having dipped below the $1,800 mark for the first time since October 2023, marking a significant reduction in its market capitalization to $221 billion.
### BTC Overcomes the Latest Dip
Despite the recent downturn, Bitcoin briefly managed to recover, reaching almost $84,000 on March 10, only to be met with renewed selling pressure that saw its price collapse to as low as $76,700—a level not observed since November 2024. The situation has triggered widespread liquidations, particularly affecting traders who had opened long positions with high leverage. Liquidation figures soared to nearly $1 billion, with Bitcoin trades constituting over 30% of this total.
However, the situation shifted as bullish investors intervened, leading to a bounce back in price, which currently sits at around $81,500. This resurgence of activity has underscored Bitcoin’s prevailing market dominance, which now stands at approximately $1.6 trillion, accounting for 58.9% of the market share of cryptocurrencies.
### ETH Leads the Altcoin Crash
The performance of Ethereum is particularly alarming, as it has mirrored Bitcoin’s struggles. Falling to a 17-month low of $1,790, ETH has experienced a daily decline of around 10%, before slightly rebounding to its current value of $1,900. Other altcoins like Ripple (XRP), Solana (SOL), and Cardano (ADA) have also entered into negative territory, albeit not as severely affected as Ethereum.
Despite the broader market challenges, a few top 100 cryptocurrencies have managed to post gains, including Story (IP), Movement (MOVE), MANTRA (OM), and Mantle (MNT). However, these are exceptions amidst a larger backdrop of declines, as the total cryptocurrency market capitalization has decreased by approximately 2.5% to around $2.75 trillion.
The continuing volatility raises questions about the market’s stability going forward and whether significant supports can be established as traders navigate through these turbulent conditions. Ongoing monitoring will be essential for investors looking to make informed decisions in this dynamic landscape.
