Feb 3, 2025, 10:02 AM UTC
Bitcoin’s price took a nosedive, starting off Sunday morning and escalating into Monday, pushing the digital currency to a three-week low, roughly $91,000, on most trading platforms. Altcoins suffered a worse fate in the past 36 hours, with many experiencing double-digit percentage drops.
Bitcoin Asserts Dominance
Just three days ago, the leading cryptocurrency was valued at over $106,000, seemingly unaffected by the US Federal Reserve’s decision to maintain the current interest rates. Its price began to decline on Saturday, reaching $102,000, marking the beginning of a harsher correction period.
After the US President Donald Trump imposed tariffs on Canada, Mexico, and China on Sunday, the market reaction was swift. Bitcoin’s price fell from $102,000 to $97,000, where it remained for most of the day. The downward trend continued into Monday, with a sudden drop of $6,000, sending Bitcoin’s value under $92,000—a $10,000 loss since Sunday.
Although Bitcoin has since recovered slightly to over $95,000, the market cap has fallen below $1.9 trillion. Despite this, Bitcoin’s dominance over altcoins has risen to nearly 59% on CoinGecko, representing a 3% increase in just one day.
Altcoins Take a Hit
The rise in Bitcoin’s dominance indicates a severe blow to altcoins. Ethereum, for instance, fell from over $3,000 to below $2,300 before stabilizing close to $2,600. Solana and Tron are among the few altcoins that experienced a single-digit percentage drop within the last 24 hours.
In contrast, BNB, XRP, DOGE, ADA, LINK, AVAX, XLM, TON, SUI, HBAR, and SHIB saw dramatic double-digit percentage declines, with ADA suffering the most significant loss—up to 23%. The total crypto market cap shed over $400 billion at its lowest point and now hovers just above $3.2 trillion on CoinGecko.
