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Ethereum, the world’s biggest altcoin, was trading at $1,237 for a massive 14.1% daily decline. Some altcoins saw their price plummet between 25% to 30% in the past 24 hours. Bitcoin dives further to $27,785, hovering around lowest level in 16 months. It fell to $29,000 at 4.53 p.m. EDT (2053 GMT), according to data on Binance, the world's largest crypto exchange by trade volume. Bitcoin struggled to find support at $29,000 and further plummeted to $28,200 just after three minutes with a panic selloff and later plummeted to $27,785 at 5.28 p.m. EDT (2128 GMT). The total value of the crypto market stood at $1.24 trillion at the time with more than a 12% loss in a single day, according to data from the digital asset price-tracking website CoinMarketCap. The price of Bitcoin on Tuesday dove to its lowest level in 18 months as the sell-off continues in cryptocurrency and global equity markets with fears of recession stemming from the Federal Reserve's rate hikes. The market capitalization of Bitcoin also fell to approximately $400 billion at that time, which is a $200 billion weekly loss. Ethereum, the world's biggest altcoin by market value, had its price dipping at $1,075.80 at 0230GMT -- its lowest since Jan. 14, 2021.