Altcoins Plunge as Bitcoin Dips Under $95,000

Crypto markets started the week firmly in the red as investors mulled over the fallout from the $1.5 billion ByBit hack, and technology stocks dropped for a third day.

Bitcoin briefly fell below $94,000 as ETH dipped over 5% to $2,650 and SOL plummeted 8.5% to $153. The overall crypto market capitalization is down 3.4% in the past 24 hours to $3.22 trillion, according to Coingecko.

More than 90% of the Top 100 digital assets posted losses, with Solana-based decentralized exchange Raydium (RAY) losing a quarter of its value after it was revealed that memecoin launchpad PumpFun is testing its own automated market maker (AMM).

Ethena (ENA), Hyperliquid (HYPE) and Optimism (OP) dropped by 10% despite the former raising $100 million to develop a similar ‘synthetic dollar’ targeted at traditional financial institutions.

Story Protocol (IP) is the day’s biggest winner after rallying 17% in the past day. Meanwhile, Hedera (HBAR), Bittensor (TAO), SEI and Sonic (S) eked out minor gains.

Nearly 150,000 leveraged traders were liquidated for a total of $382 million in the past 24 hours, according to CoinGlass. Bitcoin ($88 million) and Ether ($72 million) accounted for the bulk of that figure.