Hassan Maishera
TL;DR
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The cryptocurrency market lost over 3% of its value on Thursday and now has a market cap of $3.7 trillion.
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Bitcoin’s price drops below $115k, with altcoins suffering huge losses.
BTC Drops Below $115k as Altcoins Falter
The cryptocurrency market has been bearish since the start of the week and now looks set to end the week with losses. Bitcoin, the leading cryptocurrency by market cap, lost 3% of its value in the last 24 hours and b
At press time, BTC is trading at $114,689, with altcoins recording huge losses. This latest price action indicates a poor start to August after Bitcoin hit a new all-time high of $123k in July.
Data obtained from CryptoQuant shows a $6–8B profit-taking spike in July as new whales offload BTC near highs. In addition to that, a new round of global tariffs from the White House is dragging down markets.
Altcoins recorded bigger losses over the last 24 hours. Ether, the leading altcoin by market cap, is down nearly 6% and risks dropping below $3,600 soon. Ripple’s XRP has dropped below $3 for the first time in weeks after dipping 6% in the last 24 hours.
Binance’s BNB coin has dropped below $780 after hitting a new all-time high of $857 a few days ago.
Dogecoin was the worst performer among the top 10, down nearly 9% while Solana also lost nearly 7% of its value in the last few hours. The bearish performance saw $400 million worth of leveraged positions wiped from the market.
JUST IN: $400,000,000 liquidated from the crypto market in the past 4 hours.
— Watcher.Guru (@WatcherGuru) August 1, 2025
In a note to CoinDesk, market maker Enflux pointed out that without a clear macro catalyst or structural inflows, risk-taking remains selective and conviction light.
"Until BTC or ETH can post a clean reclaim of recent local highs, price action may stay choppy and rotation thematic rather than trend-driven," Enflux added.
