Bitcoin’s price has dropped to a 6-week low, causing the altcoins to also decline and the total crypto market cap to decrease by over $20 billion. The cryptocurrency had been trading quietly in a range between $29,000 and $29,500 for about a week before the bears took control during the Asian trading session. As a result, Bitcoin fell to its lowest price since June 21 at $28,750. It has recovered slightly but is still below $29,000 with a market capitalization of $562 billion and a dominance over altcoins at 48.3%.
• Bitcoin’s price hits 6-week low of under $28,800
• Altcoins also decline, total crypto market cap decreases by over $20 billion
• Bitcoin had been trading quietly in a range before the drop
• Bears took control during the Asian trading session, pushing Bitcoin south
• Bitcoin’s market capitalization retraces to $562 billion, dominance over altcoins at 48.3%
Hot Take: Bitcoin’s recent price drop to a 6-week low is a setback for the cryptocurrency market. The decline in Bitcoin’s price has also affected altcoins, leading to a decrease in the total crypto market cap. It remains to be seen whether Bitcoin will be able to recover and regain its previous price levels. The volatility of the cryptocurrency market continues to present challenges and opportunities for investors.
