Crypto Market Sinks: $31 Billion Wiped Out in 24 Hours

2d ago•

bullish:

bearish:

The crypto market kicked off the week with heightened volatility, wiping out over $31 billion from its total market capitalization, which now stands below $2.60 trillion. Bitcoin is struggling to maintain support above $85,000, while Pi Coin saw one of the steepest drops in the top 100—plummeting nearly 16% in a single day. Despite Ethereum’s relative strength, the broader market remains under considerable pressure. What’s behind this decline, and what’s next for digital assets?

Market Cap Slips Below $2.60 Trillion: Bullish Momentum Fades

The total crypto market cap dipped by over $31 billion within 24 hours, dragging it below the critical $2.60 trillion threshold. Analysts cite persistent global economic uncertainty and waning investor risk appetite as key drivers behind this downturn. Bullish momentum remains elusive as macroeconomic headwinds suppress upward movements.

Experts argue that regaining the $2.61 trillion level is crucial for reigniting a bull run. If the decline continues, the TOTAL index could retreat to $2.50 trillion. Losing that support would likely trigger a deeper correction across the market.

Crypto Market Sinks: $31 Billion Wiped Out in 24 Hours = The Bit Journal

Bitcoin Struggles at $85K: Breakdown or Bounce?

Bitcoin remains stagnant, failing to secure $85,000 as a reliable support level. This resistance continues to suppress bullish attempts, making the asset vulnerable to further downside.

If Bitcoin slips below $82,619, the next key level to watch is $80,000—a move that could lead to a cascade of panic selling. Conversely, a bullish scenario would see BTC reclaiming $85,000 as support and pushing toward $86,848. A sustained rally from there could target $89,800, bringing much-needed optimism back to the market.

Pi Coin Breaks Lower: Is $0.40 the Next Target?

Among the hardest-hit assets, Pi Coin declined nearly 16% over the last 24 hours to around $0.61. This level now acts as a critical short-term support. If bearish pressure persists, the next stop could be $0.51.

A breach of that zone would open the path to $0.40, posing a serious threat to investor sentiment. Still, all hope is not lost—if Pi Coin rebounds and solidifies $0.61 as a new base, recovery toward $0.70 or even $0.87 is possible. That could mark the end of the downtrend and restore bullish hopes. Crypto Market Sinks: $31 Billion Wiped Out in 24 Hours = The Bit Journal

Ethereum Remains Strong, but Competition Grows

Amid the chaos, Ethereum continues to demonstrate resilience. In Q1 2025, it led the decentralized application (DApp) space with $1.021 billion in transaction fee revenue. While competitors like Base and BNB Chain trail behind, challengers such as Arbitrum and Avalanche are accelerating.

Although these alternatives haven’t yet matched Ethereum’s revenue power, their momentum could shift market dynamics over time. The Bit Journal emphasizes that while Ethereum remains dominant, the DApp economy is entering a more competitive phase.

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