Bitcoin’s price continues to decline, losing around $10,000 since its peak last Thursday. The alternative coins are also experiencing heavy losses, causing the total crypto market cap to drop below $2.5 trillion.
BTC’s Nosedives Continue:
– Bitcoin reached a new all-time high of $73,800 after gaining more than 30% since the beginning of the month.
– However, analysis suggested that BTC was due for a correction, which began last Friday when it dropped to $68,500.
– Bitcoin attempted to recover to $72,000 but was quickly pushed back down to $66,000.
– Although there was a brief increase over the weekend to $70,000, BTC quickly plunged again in the past 12 hours.
– The latest decline brought the cryptocurrency to its lowest price level in about two weeks at $63,000.
– BTC’s market capitalization has dropped to $1.250 trillion, but its dominance over altcoins has increased to just over 50%.
Alts Bleed Out Heavily:
– As Bitcoin’s price plunges, altcoins are suffering even more.
– Ethereum (ETH), the largest altcoin, has dropped by another 9% and is now at $3,250 after surpassing $4,000 less than a week ago.
– Solana has declined by over 13% in a day and is back down to $180 after surpassing Binance Coin.
– Binance Coin (BNB) has retraced to $515 with an 8.5% decrease.
– Other altcoins such as Dogecoin, Polkadot, Polygon, and NEAR have also shed over 10% in a day.
– Lower- and mid-cap altcoins are experiencing similar losses.
– The total crypto market cap has plummeted to under $2.5 trillion from above $2.9 trillion last Thursday and over $2.7 trillion during the weekend.
Hot Take:
Bitcoin’s continuous decline in price is causing significant losses for both the primary cryptocurrency and altcoins. With BTC losing roughly ten grand since its peak, the total crypto market cap has also suffered. This downward trend suggests that the crypto market is currently experiencing a correction after weeks of Bitcoin’s upward momentum. However, it remains to be seen how long this correction will last and if Bitcoin can regain its previous highs. In the meantime, investors and traders should closely monitor the market and adjust their strategies accordingly.
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