After hovering around the $37,000 mark for a few days, bitcoin experienced a significant drop in value. This decline also affected many altcoins, such as Solana, Filecoin, CRO, and Aptos, which are also in the red today.
BTC Price Movement
Last week was generally positive for bitcoin, culminating in a massive surge on Thursday that saw its price reach $38,000, its highest in 18 months. However, the momentum was short-lived as the cryptocurrency quickly dropped by over $2,000 shortly after. Despite bouncing back to above $37,000 over the weekend and experiencing little volatility for a few days, bears took control in the past 24 hours and pushed it to a low of $36,200. While it has since recovered slightly, it remains below $37,000 with a market cap of under $720 billion and a dominance over altcoins of just over 51%.
Altcoin Performance
Most alternative coins saw significant gains in recent days but have now started to cool down. Daily losers include Solana, Filecoin, Aptos, and CRO, all down by around 5%. Other coins experiencing losses include Cardano, Dogecoin, Tron, Chainlink, Polkadot, Avalanche, Litecoin, and Shiba Inu. In contrast, Polygon’s native token experienced a 5.5% surge to over $0.9 while Ripple and Ethereum also saw slight gains. The total crypto market cap has retraced slightly but remains above $1.4 trillion on CMC.
Hot Take: Market Volatility Persists
The cryptocurrency market continues to experience volatility as bitcoin’s price dropped below $37K and several altcoins turned red. While some tokens like Polygon’s native token performed well with a daily surge of 5.5%, others such as Solana and Filecoin suffered notable losses. With the total crypto market cap remaining above $1.4 trillion on CMC despite retracing slightly overnight, the market’s overall stability remains uncertain.
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