Crypto Market Plummets: Bitcoin and Ethereum Hit Multi-Month Lows
The cryptocurrency market is experiencing a significant downturn, with leading assets facing sharp declines and total market capitalization dropping by 2.45% in the last 24 hours, settling at $2.59 trillion.
This downturn marks one of the most challenging periods for the market in recent months.
Bitcoin Hits 5-Month Low
Bitcoin, the flagship cryptocurrency, has taken a notable hit, plunging by 4% over the past 24 hours to trade at $80,700. This price drop pushes Bitcoin to its lowest level in five months, significantly impacting its market capitalization, which now stands at $1.6 trillion.
Trading volume over the same period has reached $15.7 billion, reflecting heightened activity as investors react to the decline.
During the past 24 hours 92.95 million were liquidated from the BTC market – $57.6 million long positions and $34.66 million in shorts, according to CoinGlass data.
The 1-day technical analysis from TradingView highlights the extremely bearish santiment in the Bitcoin market. The summary and moving averages point to “strong sell” with 18 and 14 sinals, respectively, while oscillators show “sell” with 4.
Ethereum Dips to 15-Month Low
Ethereum has fared even worse, sliding by 6% in the last day to $16.80, marking its lowest point in 15 months. The second-largest cryptocurrency by market cap now holds a valuation of $202 billion, with a daily trading volume of $9.8 billion.
The steep decline highlights the growing pressure on the altcoin market amid the broader sell-off.
Ethereum saw major liquidatons during the past day. Total liquidations reached $96.54 million with $88.01 million being long positions and $8.54 million in shorts.
XRP and Altcoin Losses
XRP has also been caught in the market turmoil, dropping by 4% in 24 hours to $2.03. Its market cap currently sits at $118 billion, with $2.2 billion in trading volume. Despite being less affected than Ethereum, XRP’s decline still adds to the overall negative sentiment.
Among the hardest-hit altcoins, Ethena has plummeted by 10.8% to $0.284, with a market cap of $1.58 billion and $113 million in trading volume. Meanwhile, Optimism has tumbled by 10.5%, trading at $0.618, with a market cap of $1 billion and a trading volume of $95.8 million. These assets represent some of the most significant losses within the crypto space during this recent market slump.
Market Outlook
The current downturn has shaken investor confidence as both major and emerging cryptocurrencies struggle to maintain stability. With Bitcoin and Ethereum reaching multi-month lows, the market sentiment remains bearish, and traders are closely monitoring the situation for signs of stabilization or further declines.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
