Is The Crypto Market In Danger After Bitcoin’s Fall?

January 27, 2025 04:00 PM AEDT | By Team Kalkine Media

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Is The Crypto Market In Danger After Bitcoin’s Fall? — Image source: shutterstock

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Highlights:

Bitcoin falls below $100,000, marking a 5% daily drop and pushing the market capitalization below $2 trillion.

Altcoins such as Ethereum and XRP suffer sharp declines, with other tokens facing significant losses.

Over $600 million in liquidations recorded, including a large $98 million position loss.

The cryptocurrency market has seen significant turbulence with Bitcoin dipping below $100,000, triggering substantial declines across its market capitalization and impacting major cryptocurrencies. After maintaining a steady position over the weekend around $105,000, the largest digital asset experienced a sharp decline, hitting a weekly low. This marked a 5% drop, causing Bitcoin’s market value to fall under the critical $2 trillion threshold.

Altcoins have faced even greater pressure, intensifying the market’s downward momentum. Ethereum, which had been hovering around $3,400, saw a drastic drop to near $3,100 in just one day. XRP dropped below $3 for the first time in weeks, while other altcoins, including BNB, ADA, and LINK, also experienced significant losses. Many smaller tokens such as Solana, Dogecoin, and others posted double-digit percentage declines, signaling broader market instability.

Liquidations have been rampant across cryptocurrency exchanges during this period. Data from CoinGlass reveals that total liquidations surpassed $600 million, with a majority of that happening within the past 12 hours. Over 230,000 traders faced liquidations, with the largest individual liquidation reaching close to $98 million on the HTX platform, involving the BTC/USDT pair.

As Bitcoin and other cryptocurrencies continue to struggle, the market remains highly volatile, presenting ongoing challenges for market participants. The recent downturn serves as a reminder of the unpredictable nature of the cryptocurrency sector. The swift drop in Bitcoin's value, coupled with significant losses among altcoins, highlights the uncertainties that persist in the market.

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