The total market capitalization of cryptocurrencies evaporated over $100 billion overnight.
After a calm weekend, BTC's trading price has been hovering around $117,500, but on Monday morning, the asset's price sharply fell to a low of $115,000 in 11 days.
As Ukraine and Russia are set to hold another meeting regarding a potential peace agreement, the market is preparing for more volatility, and altcoins are following suit.
BTC dropped to $115,000
Last week started much better than this week, as bulls pushed the Bitcoin price from $118,000 to over $122,000 on Monday. Although there was a pullback on Tuesday, on Wednesday, especially Thursday morning, the Bitcoin price accelerated again, reaching a historic high of $124,500.
Despite the impressive price increase, its duration was short-lived, as Bitcoin's price quickly fell to $121,000 following better-than-expected PPI data for July in the US, then dropped to $118,000. Despite Trump meeting with Putin to discuss a possible peace agreement between Russia and Ukraine, Bitcoin's price trend showed slight weakness in the following days.
Even without an agreement, BTC failed to shake its trend, with the asset trading narrowly between $117,000 and $118,000 over the weekend. However, before Trump's meeting with Zelensky on Monday morning, the BTC price fell all the way down to an 11-day low of $115,000.
Although it held this level, it still fell more than 2% on the day. Its market cap has dropped to $2.3 trillion, while its dominance in the CG market against other cryptocurrencies is close to 58%.
Retreating Alts
Most altcoins followed BTC's trend and saw significant price drops. ETH fell below $4,300 after a 4.5% drop in a single day. XRP has dropped below the crucial support level of $3.00 after experiencing a similar decline. SOL, HYPE, XLM, SUI, ENA, PEPE, AAVE, MNT, NEAR, and ONDO saw even larger declines.
LINK and XMR are among the few exceptions with a slight increase in the past 24 hours.
However, the total market capitalization of cryptocurrencies has lost over $100 billion in the past day, with the CG index dropping to $3.96 trillion.
