Crypto market cap erases $110 billion  in huge 1-day crash

The cryptocurrency market shedded approximately $110 billion from its total market cap within less than 24 hours as it suffered another dramatic crash this week.

According to data retrieved by Finbold from CoinMarketCap, the global market capitalization dropped from $3.86 trillion on October 15 (12:00 p.m. UTC), to $3.75 trillion on October 16 (3:00 a.m. UTC).

Bitcoin (BTC) took the biggest blow in terms of value, slipping from roughly $113,330 to as low as $109,819, erasing more or less $54 billion from its overall worth, which declined from $2.24 trillion to just shy of $2.19 trillion over the same time span. 

The “digital gold” has somewhat recovered since, trading at $111,238 at the time of writing, although it is still down 0.78% on the daily chart.

Altcoins also in the red

Bitcoin was hardly alone in its losses, as nearly all of the top 10 cryptocurrencies by market cap were also in the red. Solana (SOL) fell nearly 3.5%, while Cardano (ADA) was down 2.2%. Ethereum (ETH) and XRP also declined 1% and 1.75%, respectively. The only exception at the time of writing was Tron (TRX), which remained up 1.5% in the past 24 hours.

XRP appears to be under especially heavy pressure, though, as analysts warn a deeper slide toward $2 is likely. The pessimistic outlook comes after a week-long selling spree that erased billions from its value.

Overall, the crypto market sentiment has turned markedly bearish. The Crypto Fear & Greed Index has plunged from a “Greed” level of 71 last Friday to “Fear” at 32 at press time. The reading is thus similar to that seen in April, when the asset dropped to as low as $74,000.

Adding to market jitters, a long-dormant Bitcoin wallet moved 2,000 BTC (worth some $222 million) across 51 new addresses on Thursday, sparking speculation among traders. Similarly, U.S. spot Bitcoin ETFs saw $94 million in outflows on Wednesday, reducing total net inflows to $62.45 billion.

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