By Kapil Rajyaguru
The cryptocurrency market experienced a turbulent start to the week, with Bitcoin (BTC) taking a nosedive. After stabilizing around $105,000 over the weekend, BTC dropped to a weekly low of $99,700 during Monday’s Asian trading session—a 5% decline.
This slump caused Bitcoin’s market cap to fall below $2 trillion. Additionally, liquidations surged, with over 230,000 traders losing positions worth more than $600 million in a single day, the largest being $98.46 million on HTX involving the BTC/USDT pair.
Ethereum (ETH) also saw significant losses, plummeting 7% in a day to $3,100, despite its dominance in fee revenue for 2024. ETH generated $2.48 billion in transaction fees last year, maintaining its leadership even after the Dencun upgrade, which reduced Layer 2 costs. Ethereum’s total fee revenue for 2024 reached $6.9 billion across Layer 1 and 2 blockchains, with its best-performing quarter attributed to increased on-chain activity from airdrop initiatives.
Altcoins faced even harsher declines. XRP fell below $3, BNB dropped to $650, ADA plunged to $0.9, and LINK slid to $23. Other assets like SOL, DOGE, SHIB, and APT experienced double-digit losses. Meanwhile, Tron’s fee revenue skyrocketed 116.7% to $2.15 billion, driven by stablecoin activity, and Solana’s fees surged by 2,838% to $750.65 million, becoming the most active blockchain in 2024. Bitcoin’s fee earnings rose by 16%, supported by interest in Ordinal NFTs and BRC-20 tokens, while BNB Chain saw a modest 8.7% increase.
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