The past few weeks in the cryptocurrency industry have seen a familiar pattern of market drops reminiscent of recent events. Last Friday, Bitcoin experienced a significant drop after testing $69,000 and failing to break through. This rejection led to a decline of over $2,000, with the asset hovering around $67,500 over the weekend.
However, the following Monday saw some gains as Bitcoin briefly surpassed $70,000. Despite an initial failure, the cryptocurrency rebounded and broke through that threshold on Tuesday. It continued to maintain levels above $70,000, reaching a multi-week high of $72,000 on Friday. Unfortunately, the same scenario repeated itself as Bitcoin was once again halted at the $72,000 level, leading to a sharp decline to a low of $68,500.
Bitcoin’s market capitalization has dropped to $1.366 trillion, but its dominance over altcoins has increased to 50.8% as they have experienced even larger losses. Altcoins like Ethereum, BNB, SOL, Dogecoin, Avalanche, Chainlink, Polkadot, NEAR, UNI, and MATIC have all seen notable decreases in value, with losses ranging from 3.5% to almost 8%. Only FIL has seen gains, while WIF, ARB, and FET have experienced double-digit declines.
The overall market cap of all crypto assets has seen a significant decrease of over $80 billion from the previous peak, dropping to under $2.7 trillion on CoinGecko. This demonstrates the volatile nature of the cryptocurrency market and the impact of recent market trends.
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