Crypto Crash Pulls Market Down 3% in 24 Hours

This week started rough for the crypto market, with a 3% drop in just one day. Red dominated the charts as traders scrambled to reassess their positions.

The crypto market started the week on a sour note, with a 3% downturn in 24 hours.

After notching new all-time highs in an impressive run, crypto prices took a turn for the worse. As global trade tensions simmered and the momentum from previous rallies cooled, it placed pressure on major assets and altcoins alike.

Bitcoin (BTC) slipped below the $84,000 mark, now trading at $83,100.

While the Standard Bank analysts had predicted a potential slip to $70,000, this 12% downturn from its all-time high is no small feat either.

Ethereum (ETH) sustained a heavier blow, shedding 4% and slipping below the $1,600 line to trade at $1,580.

This move wiped out some of ETH’s recent recovery and threatens to push the coin into bearish territory.

Meanwhile, XRP is also down by 4%, placing it dangerously close to the $2 threshold again. After its recent rebound from lows of $1.38, XRP now risks a breakdown if market conditions worsen.

Top 5 Cryptos That Crashed Hard

While the majors struggled, some altcoins took a brutal beating. Here are the top 5 crypto losers from the past 24 hours:

MANTRA (OM) is the biggest crypto loser today, crashing 80.19% in a single day. This marks one of the most dramatic drops of the year so far.

It is also the largest price change in 24 hours on CoinMarketCap for today, 12th January 2024. To put this in perspective, the second biggest price change is 357.67% over 24 hours.

This means that MANTRA’s price has decreased by 80.19% over the past 24 hours. At the time of writing, MANTRA is changing hands at $0.6344.

Its price had dropped to as low as $0.30.

What's Next After the Crypto Crash?

The market correction could be temporary—or signal the start of a broader pullback. With Bitcoin, Ethereum, and XRP teetering on key support levels, the next 48 hours are crucial.

If global trade conflicts continue to simmer and investor uncertainty grows, we might see further losses in the days ahead.

However, any shift toward resolution or bullish momentum could trigger a rapid bounce in crypto prices.

News data source: kdj.com

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