A crypto market crash is underway today, with Bitcoin and popular altcoins being in the red. Bitcoin price dropped to $76,000 from last week’s high of $77,000. Some of the top laggards in the industry were altcoins like RaveDAO, MemeCore, LayerZero, Aave, and Siren.

RaveDAO price crashed by over 95% in the last 24 hours, while the other four were down by over 10% in the same period. As a result, the market capitalization of all tokens dropped by 2.5% to $2.58 trillion.

Crypto crash triggered by Strait of Hormuz crisis

Bitcoin and most altcoins jumped sharply on Friday as investors cheered the decision by Iran to open the Strait of Hormuz. This decision led to a broader rally in equities and the crypto market as crude oil prices tanked.