BTC Price Drops and Altcoins Bleed: Crypto Market Cap Below $2.6T
BTCโs price struggles continue as the asset dropped to $62,500 before experiencing a slight recovery. The altcoins have also suffered losses, causing the total crypto market cap to remain below $2.6 trillion.
Bitcoinโs Recent Challenges
The start of this week has been a stark contrast to the previous one, where BTC reached its all-time high above $73,000. However, bears have taken control of the market in the past seven days, as evidenced by Bitcoinโs performance.
The cryptocurrency experienced a significant slump on Monday and Tuesday ahead of the second FOMC meeting of the year. It reached a 15-day low of under $61,000 due to concerns about potential changes in the Fedโs monetary policy.
Since there were no alterations from the US central bank, BTC quickly bounced back and surged past $68,000 on Wednesday. Unfortunately, this surge was short-lived as the asset immediately tumbled and dropped to $62,500 yesterday evening.
Despite the recent declines, Bitcoin has managed to recover by more than two thousand dollars at present. However, it is still down over 2% on a daily scale, with its market cap remaining below $1.3 trillion.
TON Defies Market Sentiment
Most altcoins have also experienced losses on a daily scale. Ethereum has dropped by 4%, struggling below $3,400. BNB is down by 4.5% and is trading below $560. Ripple, Solana, Cardano, Avalanche, Shiba Inu, Polkadot, and Tron have all declined in the past 24 hours but to a lesser extent.
TON (Toncoin) has emerged as the top performer among larger-cap altcoins. Unlike most other assets, TON has seen an increase of over 11% in daily gains and is currently valued close to $5. This puts the asset only 5-6% away from its all-time high of $5.25 in 2021, according to CoinGecko.
Bitcoin Cash is another notable gainer among the top 36 altcoins, having experienced a daily jump of over 4% to reach $435.
Crypto Market Cap Declines
Despite TONโs positive performance, the cumulative market cap of all crypto assets has declined by approximately $50 billion overnight and is now below $2.6 trillion.
Hot Take: BTC Struggles Continue, Altcoins Also Bleed
BTCโs recent price drops and the decline in altcoins have raised concerns among investors. The overall crypto market cap has suffered a significant blow as well.
It remains to be seen whether Bitcoin will be able to fully recover from its recent losses and regain its bullish momentum. The altcoin market also faces challenges as many popular cryptocurrencies experience declines.
As always, it is crucial for investors to stay updated with the latest developments in the crypto market and make informed decisions based on thorough research and analysis.
๐ BTC struggles as altcoins bleed
๐ Crypto market cap below $2.6T
๐ Bitcoinโs latest challenges
๐ฅ TON defies market sentiment
๐ Cumulative market cap declines
Investors should remain cautious and keep a close eye on market trends as they navigate the ever-changing crypto landscape.
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.