The crypto market cap lost roughly $100 billion on Thursday as bitcoin dropped to a fresh monthly low of $80,200 and major altcoins posted steep losses, according to CryptoPotato.

The drop followed bitcoin's rejection at $84,000 and extended a week of volatile trading driven by a hotter-than-expected inflation reading for September and pressure in Asian markets, CryptoPotato reported.

Altcoins bore the brunt of the selling, with many falling more than 5% from their daily highs, while bitcoin's share of the total crypto market cap climbed above 60%, according to CryptoPotato.

Bitcoin falls to monthly low

Bitcoin's rejection at $84,000 triggered another leg down on Thursday morning, sending the asset to $80,200, its lowest level in a month, according to CryptoPotato.

The decline capped a turbulent stretch that began a week earlier, when bitcoin slid to a then-multi-week low of $80,400 last Thursday, a $6,500 drop in just days, CryptoPotato reported. Buyers stepped in and lifted the price back to $83,000 over the weekend.

Bitcoin reached $84,000 at the start of the business week but fell below $81,000 on Tuesday morning as South Korea's KOSPI tumbled, according to CryptoPotato. It recovered to trade near $84,000 going into Wednesday's CPI release.

September inflation came in slightly higher than expected, and bitcoin slipped toward $82,000 after the data, CryptoPotato reported. Rising tension in Asian markets then pushed it lower to the $80,200 bottom earlier on Thursday.

Bitcoin has since recovered some ground but remains down 2.4% over 24 hours, according to CryptoPotato. Its market cap fell to $1.630 trillion on CMC, while its dominance over altcoins rose above 60%.

The move below $81,000 marked the second time in a week that bitcoin tested the lower end of its recent range, after last Thursday's slide to $80,400, according to the CryptoPotato report.

Altcoins fall across the board

The correction hit altcoins broadly, with many falling more than 5% from their daily highs, according to CryptoPotato.

Ether led daily liquidations among large altcoins, dropping to a two-month low of $2,315 before rebounding slightly to $2,370, CryptoPotato reported. It was still down 5% on the day.

XRP, SOL, BNB and ADA fell between 2% and 4%, while DOGE dropped 5% and LINK lost 6%, according to CryptoPotato.

ZEC fell 10.5% to $1,100 as of press time, CryptoPotato reported. NEAR lost 7.5%, RAIN fell 11.5%, BTW dropped 18.5%, and TAO and QNT each declined 6%.

PUMP, CC, RAY, ENA, LIT and STX all recorded double-digit losses, according to CryptoPotato.

STRK moved against the trend, rising 10% to $0.087, CryptoPotato reported.

Crypto market cap drops to $2.71 trillion

The total crypto market cap shed about $100 billion over the day and stood at $2.710 trillion on CMC, according to CryptoPotato. At one point during the sell-off, losses exceeded $100 billion.

Bitcoin's dominance climbing above 60% showed altcoins bore the heavier share of the day's losses, according to the CryptoPotato report. Ether's 5% daily decline and the double-digit drops in ZEC, BTW and RAIN accounted for a large part of the altcoin weakness.

The day's decline left the crypto market cap well below levels seen earlier in the week, when bitcoin traded near $84,000 ahead of Wednesday's CPI announcement, according to CryptoPotato.

Conclusion

Bitcoin remained down 2.4% over 24 hours after bouncing from its $80,200 monthly low, while the total crypto market cap held at $2.710 trillion after shedding roughly $100 billion, according to CryptoPotato. Ether remained 5% lower on the day at about $2,370. The report cited no specific upcoming catalyst, with bitcoin's recovery from Thursday's low still partial as of press time.

Frequently Asked Questions

How low did bitcoin fall on Thursday?

Bitcoin dropped to a fresh monthly low of $80,200 on Thursday morning after being rejected at $84,000, according to CryptoPotato. It later recovered some ground but remained down 2.4% over 24 hours, with a market cap of $1.630 trillion on CMC.

How much did the total crypto market cap lose on Thursday?

The total crypto market cap fell by roughly $100 billion on the day to $2.710 trillion on CMC, according to CryptoPotato. Losses briefly topped $100 billion at the worst point of the sell-off before prices stabilized.

What triggered bitcoin's drop toward $80,200?

Bitcoin slipped toward $82,000 after Wednesday's CPI data showed September inflation slightly higher than expected, according to CryptoPotato. Growing tension in Asian markets then pushed the price lower to a bottom of $80,200 earlier on Thursday.

How much did ether fall during the sell-off?

Ether fell to a two-month low of $2,315 before rebounding slightly to $2,370, leaving it down 5% on the day, according to CryptoPotato. ETH led daily liquidations among the largest altcoins.

Which altcoins fell the most on Thursday?

ZEC dropped 10.5% to $1,100, while BTW fell 18.5% and RAIN lost 11.5%, according to CryptoPotato. PUMP, CC, RAY, ENA, LIT and STX all posted double-digit losses. STRK bucked the trend, rising 10% to $0.087.