Bitcoin Struggles Continue
Since the launch of the first spot Bitcoin ETFs in the US, Bitcoin’s short-term performance has been unfavorable. After reaching over $49,000, it quickly reversed and dropped below $42,000. Although it briefly recovered to $43,000, it experienced another decline over the weekend, falling to around $41,000. This negative momentum continued into the business week, with Bitcoin dropping below $40,000 and reaching a 7-week low of under $39,500.
Alts Experience Losses
The alternative coins have also suffered losses. Ethereum saw a 5% plunge, pushing its price below $2,300. Binance Coin, Ripple, and Toncoin also declined by similar percentages. Other altcoins like Solana (-8%), Cardano (-6%), Avalanche (-10%), Dogecoin (-6%), Polkadot (-8%), and Chainlink (-8%) experienced even more significant losses. Lower- and mid-cap alts such as ASTR, OP, NEAR, SATS, and NEO also saw double-digit declines.
Total Market Cap Declines
The total crypto market cap has fallen to $1.550 trillion on CMC. This represents a decrease of $60 billion in the past day and about $100 billion since Sunday.
Hot Take: Crypto Market Faces Continued Decline
The cryptocurrency market continues to face adverse price movements, with Bitcoin dropping below the coveted $40,000 mark for the first time in nearly two months. Altcoins have also suffered significant losses. These declines come after the launch of spot Bitcoin ETFs in the US. The total market cap has seen a considerable decrease in recent days. As investors navigate this challenging market environment, it is essential to monitor price trends and stay informed about the latest developments in the crypto industry.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
