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Massive Price Drops From These Alts as BTC Slumped Beneath $100K (Market Watch)

Author: Content Editor
The Federal Reserve's stance on rate cuts has caused significant pressure on riskier assets such as cryptocurrencies. Bitcoin experienced a major drop, falling by over eight thousand dollars in just one day to less than $99,000. Altcoins like XRP, AVAX, DOGE, LINK, and others also suffered massive price drops. Prior to the crash, Bitcoin's price had been on a positive trend, reaching a new all-time high of just over $108,000. However, the Federal Reserve's statements during their FOMC meeting caused the crypto market to decline further. Jerome Powell stated that the central bank might stop reducing rates next year and disputed the possibility of the US buying Bitcoin, leading to a significant drop in Bitcoin's price. Although Bitcoin has recovered slightly and is now above $101,000, it is still down over 2% for the day. The market capitalization of Bitcoin has declined to $2.01 trillion, but its dominance over altcoins has increased to 54.6%. Altcoins also experienced steep drops, but some have the potential for a bounce back. The total crypto market cap decreased from over $3.95 trillion to under $3.6 trillion during the market correction.

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