Bitcoin slumped below $60,000 early Monday, dragging Ethereum down toward $1,500 and briefly knocking the second-largest crypto out of its market-cap ranking. Tether's USDT — whose supply has stayed above $186 billion — overtook ETH for a few hours before prices recovered. By late morning, Bitcoin was back above $62,000 and Ethereum above $1,600, but traders describe the rebound as brittle.
Ethereum's Brief Slide Below Tether
Ethereum’s market cap dropped under $185 billion during the height of the sell-off, allowing USDT to claim the No. 2 spot by that metric for the first time in years. The stablecoin's market cap held steady above $186 billion, while ETH's fell below that mark. ETH later reclaimed second place, but the gap between the two is now less than $15 billion — a hair's breadth in crypto terms.
The episode underscores how deeply the crash hit the altcoin sector. Ether fell about 6% in the span of an hour, touching $1,480 on some exchanges before bouncing.
XRP Volume Surges on Upbeat
On the Upbeat exchange, XRP trading volume surpassed both Bitcoin and Ethereum during the chaos. While overall crypto volumes spiked as sellers rushed to exit, the shift toward XRP stood out — a sign that some traders rotated into the token, possibly betting on a faster rebound. Upbeat did not comment on the activity.
Liquidity Drains as Markets Open the Week
Large sell-offs are draining liquidity across the board, exchange order books show. Market depth has thinned significantly since Friday, meaning even moderate orders can move prices more than usual. With a new trading week just starting, support levels look shaky. Whether buyers step in to defend the $60,000 line on Bitcoin or let it slip again remains the open question — and the one most traders are watching.
