Bitcoin Drops Over 10% Amid Market Volatility, Hits New All-Time High

Bitcoin experienced a sharp decline on Monday, falling 10.23% to $74,639.1 by 06:54 GMT, marking its largest single-day drop since November 9, 2022. Despite the steep fall, Bitcoin reached a new all-time high during recent trading, with prices ranging from $74,592.0 to $79,315.6 in the last 24 hours.

The price drop pushed Bitcoin’s market capitalization down to $1.49 trillion, accounting for 62.77% of the total crypto market cap. This is a notable decrease from its peak market cap of $2.10 trillion. Over the past seven days, Bitcoin has lost 8.28% of its value, trading between $74,592.03 and $88,377.31 during the week.

Bitcoin’s 24-hour trading volume reached $52.7 billion, making up 40.44% of the total crypto trading volume. Despite the market downturn, Bitcoin’s price action indicates continued investor interest, even amid volatility and profit-taking at record levels.

Meanwhile, Ethereum saw a significant drop of 20.83% on the day, trading at $1,424.45. Its market capitalization stood at $178.6 billion, representing 7.51% of the total crypto market. Tether (USDT) remained relatively stable, trading at $0.9992 with a marginal 0.06% decline. Tether’s market cap totaled $144.1 billion, about 6.06% of the overall crypto market.

The sharp moves highlight ongoing volatility in the cryptocurrency market, even as top assets like Bitcoin reach new highs. Traders and investors are closely monitoring support levels and broader market sentiment, particularly as high-volume trading suggests continued uncertainty and rapid shifts in investor behavior.