All coins bleed as crypto market faces fresh crash

Bitcoin crashed below $24,000, reaching its lowest level since the end of 2020 wiping out more than $200 billion off the entire cryptocurrency market on Monday.

Almost every top coin is now worth half or even less than their all-time highs and the global market cap has shrunk below $1 trillion to $977 billion, around 12% fall since Sunday, according to international media reports.

Several leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) experienced even heavier losses than bitcoin, falling by between 15-25 percent over the past day.

Ethereum has fallen to its lowest level in more than 14 months, trading at around $1238. Solana has fallen by more than 15 percent and is hovering around the $27 mark, according to CoinMarketCap.

The immediate trigger for the crypto crash appears to be a massive sell-off by investors amid heightened inflation fears.

Experts say that the crypto price plunge indicates a falling risk appetite of investors.