Total market value has fallen below $2 trillion for the first time since a surge in February. After falling more than 10 percent in the past 24 hours, Bitcoin (BTC) was trading at around $54,425 early Monday during the Asian session. The sudden drop has also hit the altcoins market hard, with notable losses in XRP, BNB, Ethereum (ETH) and Solana (SOL).
More than $808 million was removed from the cryptocurrency market yesterday, mainly affecting long traders. With nearly $300 million in liquidations, Ethereum took the lead, followed by Bitcoin with nearly $239 million.
Obviously, fear has gripped the market. What's next?

A stock market crash brings crypto with it

The problems extend beyond the cryptocurrency industry. A mass liquidation of major stock indices on Friday sparked concerns about a possible downside, which also had an impact on the cryptocurrency market. Famed investor Warren Buffett, who currently has a staggering $277 billion in cash, recently sold a large position in Apple Inc.
Additionally, the Topix and Nikkei indices in Japan are down more than 20% from their July highs, indicating continued market pressure.
The fear and greed score for Bitcoin dropped from 74 percent last week to 26 percent this week, indicating fear. Additionally, U.S.-based spot bitcoin ETFs experienced net returns of about $237 million on Friday.

Bitcoin's dominance grows

Bitcoin now holds the largest market share since May 2021, at around 57.79%, despite the decline in the general market. According to analysts, the current slump in cryptocurrencies may continue for another two months, with a possible recovery in the fourth quarter.
From a technical point of view, it is possible that in the coming weeks, the price of Bitcoin will fall further to the support level between $47,000 and $50,000.
Further declines may be in store, as evidenced by the fact that the weekly Relative Strength Index (RSI) for Bitcoin has been consistently below the 50% mark.