Over the past few hours, Bitcoin has experienced a significant price drop, falling below the $60,000 mark for the first time in several weeks. This sudden decline has sent shockwaves throughout the cryptocurrency market, with altcoins also suffering losses in response to the crash. Ethereum, for example, has dropped below $2,900, while other popular assets like SOL, DOGE, and BCH have seen declines of 6-7%.
Last weekend, Bitcoin was experiencing a different kind of volatility. Amid Donald Trump’s conference attendance and pro-crypto speech, BTC was on a rollercoaster ride, reaching a peak of $70,000 on Monday – a level not seen in seven weeks. However, things took a turn later that day as the price started to drop. The situation worsened on Friday when Bitcoin plummeted from $66,000 to $62,200 following news of rising unemployment rates in the United States. This downward trend continued into the weekend, with Bitcoin hitting a low of just under $60,000 today.
The recent price crash in Bitcoin has had a significant impact on altcoins as well. As Bitcoin’s dominance in the market has increased to 53.2%, altcoins have suffered even greater losses. Major altcoins such as SOL, DOGE, AVAX, SHIB, BCH, and NEAR have all seen declines ranging from 5% to 8%. Ethereum and Binance Coin have also dropped by 3% each, with XRP, TON, ADA, LINK, UNI, and LTC experiencing smaller losses.
The total cryptocurrency market cap has also taken a hit, declining by $70 billion since yesterday and dropping to $2.230 trillion. In the past several days, the market has lost over $300 billion in value, reflecting the overall bearish sentiment in the market. Despite Bitcoin’s slight recovery back above $60,000, the cryptocurrency is still down 2% on the day and over 10% since last Sunday.
The recent price crash in Bitcoin has not only affected the leading cryptocurrency but also had a domino effect on the entire cryptocurrency market. As market sentiment remains bearish and uncertainty looms, it will be crucial to monitor Bitcoin’s price movements in the coming days to anticipate the market’s next move.
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