Bitcoin (BTC) failed to hold above $100,000 for the fifth consecutive attempt, triggering an 8.3% plunge in the cryptocurrency market within hours. This decline disproportionately impacted meme coins, with some already experiencing a rebound. On January 8, 2024, the crypto market witnessed a widespread downturn. Bitcoin (BTC), the leading cryptocurrency, dropped from $102,000 to $95,200, erasing 5.5% of its market capitalization.
Bitcoin (BTC) liquidations exceeded $127 million, with 86% of longs liquidated. Meme coins suffered even greater losses, shedding $15 billion in capitalization overnight. Floki Inu (FLOKI) and Bonk (BONK), two of the worst-performing meme coins, lost approximately 14% each within 24 hours. Ai16Z (AI16Z), the top performer during the winter holidays, declined by 13.9% and nearly fell below its $2 billion market cap. Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins, also posted double-digit losses. SHIB dropped to $0.00002148, while DOGE traded at $0.3465 on major spot exchanges. In the large-cap segment, Tether (USDT) surpassed XRP as the second-largest altcoin. XRP, linked to Ripple, reached a local low at $2.28. Bitcoin (BTC) enthusiast Tone Vays announced yesterday that he opened long positions at the $100,000 level. Amidst this downturn, two altcoins managed to defy the trend, with one being a meme coin. SPX6900 (SPX), the largest 'Murad meme coin,' recorded a 3% gain. Its price touched $1.44 as the token secured its position in the top 100. The Crypto Fear and Greed Index exited the Extreme Greed Zone and settled at 70/100 today, the lowest level since January 2
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