The global cryptocurrency market suffered a sharp pullback, with over $100 billion erased from its total market capitalization in the past 24 hours, as volatility returns to the digital asset space.
Market Snapshot
- Market Cap Loss: -$100,000,000,000
- Total Market Cap: ~$5.0 trillion
- BTC Price: $119K–$120K
- ETH Price: Around $3,900
- Top Losers: High-beta altcoins and memecoins
Key Drivers Behind the Drop
- Profit-Taking – After a week of strong gains, traders appear to be locking in profits.
- Bitcoin Consolidation – BTC is facing resistance near the $122K level, triggering a broader correction.
- Altcoin Weakness – Ethereum and other large-cap altcoins saw sharper declines, dragging the market lower.
- Market Liquidations – Over $800 million in leveraged positions were liquidated in the past day, intensifying the sell-off.
CentBit Insight:
Short-term volatility is not unusual in a bull market. Analysts note that if Bitcoin holds above the $118K support zone, this could simply be a healthy correction before the next leg up.
