- ETH dropped to the $2,400 price level, crashing 6.10% in the past 24 hours.
- TON, BNB, and SOL nosedived 5.96%, 4.76%, and 5.68% at the same time.
- AVAX and ADA prices also plunged 8.14% and 6.57%, respectively.
The crypto market crashed on Wednesday as tensions between Israel and Iran escalated. Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, plummeted from $64,000 to $60,000. However, it later rebounded to trade above $61,000.
Major Altcoins Suffer Significant Losses
Leading altcoins including Ethereum (ETH), Toncoin (TON), BNB, Solana (SOL), Cardano (ADA), and Avalanche (AVAX) printed significant losses for investors. ETH, the second-largest crypto coin by market cap, dropped a massive 6.10% in the past 24 hours and is trading at $2,477.37 at the time of writing.
SOL and TON, the altcoins ranked among the top 10 digital assets by market cap, have also dropped significantly in the past 24 hours. SOL crashed 5.68% while TON dipped 5.96% and are trading at $146.63 and $5.44. In the past week, the prices of these two have declined by 2.44% and 4.44%, respectively.
ADA dropped 6.57% to $0.357 in the past 24 hours, crashing from the $0.3821 price level to a daily low of $0.3473. The altcoin is significantly down from its all-time high of $3.10 witnessed during the previous bull run of 2021.
BNB nosedived 4.76% to $552.83 after reaching a 24-hour high of $582.43. Despite the drop, it remains the 4th-largest digital asset with a market cap above $80 billion. AVAX crashed 8.14% to $26.12, though it is still up 18.93% over the past 30 days.
Read also: Binance Adds Risk Warnings for Cryptocurrencies with Altered Tokenomics
October’s “Uptober” Starts with a Crash
The overall valuation of the crypto sector dropped 4.25% to $2.16 trillion in the past 24 hours, while trading volume surged 42% to $115 billion.
October has typically been a bullish month for crypto, often called “Uptober.” But the market crash in the past 24 hours marks the worst start for this historically bullish month.
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