Bitcoin Faces Significant Price Drop
In recent hours, Bitcoin has suffered a substantial decline, falling below the $60,000 mark for the first time in several weeks. This downturn has intensified the already precarious situation for the cryptocurrency.
Altcoins Struggle More Severely
The impact of this weekend’s market plunge has been even more pronounced for altcoins. Ethereum, for example, has dipped below $2,900, while other cryptocurrencies like Solana (SOL), Dogecoin (DOGE), and Bitcoin Cash (BCH) have experienced losses ranging from 6% to 7%.
Bitcoin’s Volatile Journey
Last weekend showcased a different scenario for Bitcoin, which was characterized by considerable volatility. During that period, Bitcoin surged amid a notable conference attended by Donald Trump, where he delivered a pro-cryptocurrency speech. The asset managed to reach a peak of $70,000 on Monday, a figure not observed in about seven weeks.
However, this upward trend was short-lived as Bitcoin fell sharply later that day, losing approximately $4,000. Following a brief stabilization around $66,000, bearish sentiment took over, particularly on Friday. In a dramatic turn, Bitcoin plummeted from $66,000 to around $62,200 after reports surfaced regarding a rise in the unemployment rate in the United States, hitting its highest point since 2021.
Continued Decline Amid Market Pressures
As Bitcoin’s price dropped, it followed the trend of other high-risk assets, including U.S. stocks. Unlike traditional markets, Bitcoin trades continuously, leading to further declines over the weekend. Earlier today, Bitcoin’s value fell to just below $60,000, marking its lowest price in three weeks.
Although there was a slight recovery, bringing the price back above $60,000, Bitcoin is still down 2% for the day and has lost more than 10% since last Sunday. Its market capitalization has fallen below $1.2 trillion, although its dominance in the altcoin market has increased to 53.2%.
Altcoins Experience Heavy Losses
The increase in Bitcoin’s market dominance indicates that altcoins are facing even greater challenges. Among the most affected are SOL, which has dropped by 7%, DOGE with a 6% decline, and other notable cryptocurrencies like Avalanche (AVAX), Shiba Inu (SHIB), BCH, and NEAR, all of which have seen losses between 5% and 8%.
Ethereum and Binance Coin have also taken a hit, with both declining by an additional 3%, currently sitting at $2,890 and $523, respectively. Other cryptocurrencies like XRP, TON, ADA, LINK, UNI, and LTC are also in negative territory, though their losses are relatively milder.
Overall Market Decline
The overall cryptocurrency market capitalization has shrunk by another $70 billion since yesterday, now resting at $2.230 trillion. This figure represents a significant loss of over $300 billion in recent days.
