Bitcoin Slumps Below $27,000, Hits Two-Week Low
The price of bitcoin has followed the recent trends in the crypto market and dropped below $27,000, reaching a two-week low. After several days of freefall, most altcoins have calmed down and some have even seen minor gains.
BTC’s Recent Performance
About ten days ago, before the conflict between Hamas and Israel escalated, bitcoin reached a multi-week peak of $28,600. However, it quickly lost momentum and started losing value. After experiencing pumps and dumps of around $1,000, bitcoin settled at around $27,500 for several days. Today, it dropped by nearly a thousand dollars to its lowest price in two weeks at $26,550. While it has recovered slightly since then, it still struggles to surpass $27,000.
Market Cap and Dominance
Bitcoin’s market cap has declined to $525 billion from over $550 billion earlier this month. Its dominance over altcoins has also decreased slightly and is now below 50%.
Altcoin Performance
While most altcoins experienced significant drops in the past few days, they are relatively calmer today. Ethereum (ETH) has even gained slightly and is holding above $1,550. Tron (TRX), Toncoin (TON), Bitcoin Cash (BCH), and Chainlink (LINK) are also showing slight gains. On the other hand, Ripple (XRP), Binance Coin (BNB), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) are still slightly in the red.
Total Crypto Market Cap
The total crypto market cap remains at $1.050 trillion after losing over $40 billion in the past couple of days.
Hot Take: Bitcoin’s Volatility Amidst Escalating Conflict
The recent drop in bitcoin’s price to a two-week low reflects the volatility of the crypto market. Despite briefly reaching a multi-week peak, bitcoin failed to maintain its momentum and has been struggling to recover. The intensification of the conflict between Hamas and Israel has added further uncertainty to the market. While altcoins have shown some signs of stabilization, the overall market cap has suffered losses. Investors should closely monitor these developments and exercise caution in their trading decisions.
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