Bitcoin (CRYPTO: BTC) experienced a significant drop, falling below the $80,000 mark on Saturday. This sharp decline has triggered a widespread crash in the cryptocurrency market.
On January 31, Bitcoin’s value plummeted by 5% within a span of 24 hours, trading at $78,479.21. This downfall had a domino effect on other cryptocurrencies as well. Ethereum (ETH) dropped around 12% to $2,395.58, BNB by 8% to $779.57, XRP by 11% to $1.56, and Solana (SOL) by 11% to $103.44.
The total market cap of the crypto market also suffered, declining by over 6% to $2.73 trillion. In just five hours, over $100 billion of market cap disappeared.