Iridium is found in meteorites with an abundance much higher than its average abundance in the Earth's crust. For this reason the unusually high abundance of iridium in the clay layer at the Cretaceous–Paleogene boundary gave rise to the Alvarez hypothesis that the impact of a massive extraterrestrial object caused the extinction of dinosaurs and many other species 66 million years ago. It is thought that the total amount of iridium in the planet Earth is much higher than that observed in crustal rocks, but as with other platinum group metals, the high density and tendency of iridium to bond with iron caused most iridium to descend below the crust when the planet was young and still molten.