Massive losses shocked the digital currency market: US$200 billion evaporated, Bitcoin tested the US$75,000 level

Red is prevalent in the cryptocurrency market.

Bitcoin is leading the current downward wave after losing support above $80,000 and falling to $77,000 levels before recovering slightly to trade at $78,000 at the time of publishing this article.

As usual, alternative currencies failed to escape Bitcoin’s coattails and followed its decline, but these alt-coins fell in varying proportions.

The price of Ethereum fell from about $2,800 to $2,250, while XRP fell to $1.50, hitting its lowest level in 14 months.

Several other currencies also posted double-digit losses at the peak of the sell-off before posting limited rebounds in the hours that followed.

On a 24-hour scale, a very negative picture emerges:

SOL fell by about 9%, XMR fell by about 10%, and LTC, SUI, LINK, and DOGE fell by about 5%.

In contrast, RAIN, HYPE and CC are the few exceptions among the largest currencies by market cap.

Overall, the total market capitalization of digital currencies fell to about $2.7 trillion after nearly $200 billion disappeared from the market.

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Here are the most notable alt currencies falling in the 24 hours, coinciding with the sharp market decline