In a rollercoaster ride for cryptocurrency investors, the market has taken a steep downturn, shedding nearly $100 billion in just a single day and a staggering $150 billion since Monday. Bitcoin, the bellwether of the digital currency world, led the downturn, losing over $3,000 since the beginning of the week and struggling to maintain its position above the $62,000 mark.

The optimism that marked the start of the week quickly dissipated, with Bitcoin experiencing significant volatility. After hitting a two-month low of $56,500 last Wednesday, the cryptocurrency saw some recovery following the US Federal Reserve's decision not to raise interest rates. However, any semblance of stability was short-lived, as Bitcoin surged past $62,000 on Monday morning, reaching a peak of $65,500, only to falter and plummet rapidly thereafter.

The decline in Bitcoin's value has had a ripple effect across the entire crypto market, with major altcoins such as Ethereum, Binance Coin, Cardano, and XRP all seeing significant losses. Ethereum, for example, dropped by 3% to $3,000, while Binance Coin fell to $580 and ADA to $0.44. Dogecoin, Solana, and Avalanche suffered even greater losses, with each plummeting by 5-7% within a single day.

The downward trend extends beyond the larger-cap altcoins, affecting lower- and mid-cap cryptocurrencies as well. Tokens like WIF, ZBC, JUP, SUI, and FLOKI have all seen substantial declines ranging from 7% to 11%.

As a result of this widespread sell-off, the total crypto market cap has shrunk to $2.4 trillion, indicating a significant loss of investor confidence in digital assets. Bitcoin's dominance over the altcoin market has increased to nearly 51%, reflecting a flight to safety amidst the market turmoil.

The reasons behind the sudden downturn remain unclear, with speculation ranging from profit-taking by investors to concerns over regulatory crackdowns. However, one thing is certain: the volatility that has long characterized the cryptocurrency market shows no signs of abating, leaving investors on edge and uncertain about the future direction of digital assets.