Bitcoin Drops to $26K
Bitcoin has experienced a significant decline in value, reaching a 12-day low at just over $26,000. This comes after a period of relative stability over the weekend.
Altcoins Also in the Red
Not only has Bitcoin seen a drop in value, but most altcoins are also experiencing losses. XRP and Toncoin have both dropped by approximately 3%.
Bitcoin’s Price Movement
Last week, Bitcoin’s price surged past $27,000 and reached a high of $27,500 on Tuesday. However, it lost momentum and started retracing, eventually dropping to $26,400 on Thursday. This coincided with the US Federal Reserve’s announcement of no interest rate hikes.
Although Bitcoin recovered slightly over the weekend and remained around $26,600, it was unable to sustain its upward momentum and fell to $26,000 for the first time since September 13. Currently, Bitcoin is defending this level.
Altcoin Performance
In addition to Bitcoin’s decline, many alternative coins are also seeing losses. Ethereum, Binance Coin, Dogecoin, Cardano, Solana, Litecoin, Shiba Inu, Ripple, Toncoin, Polygon, Bitcoin Cash, LEO, HBAR, XLM, FIL, and CRO have all experienced drops in value.
Aptos is one of the few exceptions to this trend as it has surged by over 6% and is trading close to $5.5.
Total Market Cap Decline
The total crypto market cap has decreased by $10 billion in just one day and is currently below $1.050 trillion on CMC.
Hot Take: Bitcoin and Altcoins Experience Market Downturn
Bitcoin and many altcoins have witnessed a significant downturn in the market. Bitcoin’s price dropped to a 12-day low, while altcoins such as XRP and Toncoin also experienced losses. The decline in Bitcoin’s price can be attributed to a lack of sustained upward momentum and the US Federal Reserve’s decision not to hike interest rates. Additionally, various alternative coins have seen drops in value, with only a few exceptions like Aptos experiencing gains. The total crypto market cap has also decreased, indicating a broader market downturn. It remains to be seen how these assets will perform in the coming days.
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