Bitcoin’s Price Declines
The past 24 hours have seen a further decline in Bitcoin’s price, dropping from $36,000 to a weekly low of $35,000. This has also resulted in most altcoins being in the red today, with the total market cap dropping by over $40 billion at one point.
BTC Sees Weekly Lows
Following enhanced volatility last Thursday, Bitcoin reached an 18-month peak at $38,000 before being rejected to under $36,000. It then traded with fewer fluctuations but eventually slipped back down to just over $36,000. The bears pushed the asset south hard, resulting in a weekly low of $35,000. Although it has recovered nearly a grand since then, Bitcoin still sits below $36,000 and its market cap is close to breaking below $700 billion.
SOL, AVAX Defy Market Movements
Most alternative coins followed Bitcoin on its way south, with assets like ETH, BNB, XRP, ADA, DOGE, TRX, MATIC, DOT, and Toncoin currently in the red. However, Solana and Avalanche have defied the market trend by going up by 9% and 12.5%, respectively. SOL is close to $60 while AVAX is at $19.
In addition to SOL and AVAX’s gains, LDO, KAS, RUNE, and ATOM have also seen double-digit daily price pumps. Despite the overnight decline of $40 billion in the total crypto market cap, approximately half of it has been recovered from the daily lows.
Hot Take: Market Volatility Continues
The cryptocurrency market continues to experience significant volatility as Bitcoin’s price declines have impacted most altcoins. However, assets like Solana and Avalanche have shown resilience by defying the downward trend and posting gains. With the total crypto market cap seeing a significant decline overnight but recovering some losses from the daily lows, it remains to be seen how these developments will affect the overall market sentiment and investor confidence in the coming days.
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