Bitcoin’s attempts to regain its footing have stalled as it has dipped below the $111,000 threshold once more this Thursday morning.

The situation isn’t great for altcoins either, with Ethereum falling to $4,000 and XRP dropping to $2.40. A few cryptocurrencies are facing double-digit declines as well.

Bitcoin Dips Below $111K

Bitcoin and the broader crypto market experienced significant volatility late last week, with the value of Bitcoin on some platforms plunging over $20,000, reaching a multi-month low of $101,000. This sudden crash led to a liquidation of more than $19 billion in leveraged positions across over 1.6 million traders.

Afterward, Bitcoin made a brief recovery attempt, rising to $110,000 before hitting $116,000 at the beginning of the week. However, this rally was short-lived, as the price was pushed down to $113,000 yesterday and has now fallen below $111,000 as of the current report. This decline indicates a falling market cap, nearing the critical $2.2 trillion mark, according to CoinGecko.

Despite this, Bitcoin’s dominance over altcoins has slightly risen to 57.2%.

BTCUSD BTCUSD. Source: TradingView

Altcoin Market Struggles

Most altcoins are also on a downward trajectory, with Ethereum leading with a 4.4% decline, now trading under $4,000. XRP has dropped to $2.39 following a five percent fall. Other cryptocurrencies like SOL, ADA, LINK, DOGE, XLM, and more have seen losses up to 8%.

In terms of significant losses, TAO leads with a 15% drop, followed by ASTER at 13%, ZEC at 12%, and IP at 10%.

On a brighter note, COAI has seen impressive gains, surging 50% overnight, with a price surpassing $23 as reported at the time of writing.

The total market cap for all cryptocurrencies has seen a reduction of $100 billion and currently stands at $3.850 trillion as per CoinGecko.

Cryptocurrency Market Overview Cryptocurrency Market Overview. Source: QuantifyCrypto