Bitcoin Plunges to Ten-Day Low
This weekend has been marked by high volatility in the cryptocurrency market, with Bitcoin (BTC) experiencing a significant drop to a ten-day low of under $65,000. The altcoins have also followed suit, leading to a total loss of over $100 billion in the crypto market cap.
BTC Reaches New All-Time High
On Monday, BTC started on a positive note, surging from $67,000 to over $70,000 and setting a new all-time high. The asset continued its upward trajectory and reached a peak of $73,800 on Thursday. However, this was followed by a sharp rejection that led to bears taking control of the market.
The bears pushed Bitcoin’s price down to under $66,000 on Friday. Although BTC managed to recover some ground and briefly challenged the $70,000 mark on Saturday, it quickly retreated back to $68,000. In the past 12 hours, there has been another decline that brought Bitcoin to a ten-day low of $64,500.
Currently, Bitcoin is still down more than 5% for the day but has seen a slight recovery since reaching its low point. Its market capitalization has also decreased to under $1.3 trillion.
Altcoins Follow BTC’s Downward Trend
The altcoins have mirrored Bitcoin’s decline with significant losses across the board. Ethereum (ETH), which had been gaining momentum and surpassed $4,000 before the Friday rejection, is now trading below $3,500 after a 7% drop.
Other altcoins like Binance Coin (BNB), Solana (SOL), Ripple (XRP), Avalanche (AVAX), Shiba Inu (SHIB), Dogecoin (DOGE), Polygon (MATIC), and Polkadot (DOT) have also experienced notable losses ranging from 10% to 15%.
Furthermore, the mid- and lower-cap altcoins have also suffered losses, contributing to a total market cap decline of over $100 billion. The overall crypto market cap now stands at under $2.6 trillion, representing a loss of over $300 billion since Friday.
Hot Take: Market Volatility Continues
The cryptocurrency market has been highly volatile over the weekend, with Bitcoin plunging to a ten-day low and altcoins experiencing significant losses. This market turbulence highlights the ongoing volatility and unpredictability of the crypto space.
Investors should be cautious and prepared for sudden price fluctuations in the market. It is important to closely monitor the market conditions and stay updated on the latest news and developments in order to make informed investment decisions.
While market downturns can be discouraging, it’s important to remember that cryptocurrencies are highly speculative assets. The crypto market has seen numerous ups and downs throughout its history, and it is crucial to take a long-term perspective when investing in this space.
As always, it is advisable to do thorough research, consult with financial professionals if needed, and only invest what you can afford to lose. The crypto market can be highly rewarding, but it also carries inherent risks.
By
By
