Crypto Markets Lose $100B Amid Altcoin Sell-Off

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The total crypto market cap fell below $3.9 trillion today.

Bitcoin’s inability to overcome the $120,000 resistance resulted in another nosedive over the past 12 hours or so, as the asset fell toward $116,000.

While that might be somewhat worrisome, the altcoins have charted even more substantial losses, with multiple double-digit losers such as XRP and DOGE from the larger caps.

The alternative coins were flying high for a few weeks, which sparked speculation whether the much-anticipated altseason had finally started. After registering massive gains for a while, though, it felt inevitable that there would be a more violent correction, which materialized in the past 12 hours or so.

Ripple’s native token is among the leaders in this adverse trend, losing over 11% of value and dropping below $3.1. Some of the blame can be attributed to Upbit.

DOGE, XLM, HBAR, and PEPE are the other double-digit losers from the larger-cap alts, while APT has plunged by 16% daily. SOL, ADA, SUI, LINK, and AVAX are also deep in the red.

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