More than $100 billion has disappeared from the cryptocurrency market

Bitcoin continued to decline after failing to surpass the $120,000 resistance level, falling to $116,000 in the past 12 hours.

Altcoins fell even more sharply, with many major coins like XRP and DOGE losing double digits.

Alts Problem
Altcoins have been surging in the past few weeks, sparking expectations of an altcoin season, but a deep correction has occurred in the past 12 hours.

XRP led the decline with a loss of more than 11%, partly due to the influence of Upbit. Many large-cap altcoins such as DOGE, XLM, HBAR, PEPE and APT (down 16%) plunged by double digits, while SOL, ADA, SUI, LINK and AVAX were also in the red.

ETH holds steady around $3,600, while BNB drops more than $40 after peaking above $800.

The total crypto market capitalization has evaporated more than $100 billion, now around $3.9 trillion.

BTC dominance recovers
Bitcoin stabilizes around $119,000 after hitting an ATH of over $123,000 and losing momentum. Over the past week, BTC dominance fell from 63% to 59%, but has rebounded by more than 1% in the past 24 hours as altcoins plunge.

BTC capitalization is still near $2.370 billion on CoinGecko.