In the past 24 hours, Bitcoin’s price has taken a turn for the worse, dropping to a 2-week low of $57,100. This recent slump comes after a period of highs just a week ago, when the asset climbed to over $65,100, charting a multi-week peak. However, Bitcoin failed to maintain its momentum, gradually losing value and dropping to $58,000 before experiencing a brief recovery to $61,000 on Thursday. Despite these efforts, Bitcoin couldn’t shake off its bearish setup and fell below $58,000 again by Friday.
Not only has Bitcoin seen a decline, but most altcoins are also in the red on a daily scale. Tokens like TON, DOGE, and ADA have dropped by 2-4%, indicating a broader trend of losses across the cryptocurrency market. Even popular altcoins like Ethereum, Avalanche, and Bitcoin Cash have charted losses of under 1%, with SOL, XRP, and BNB down by just over that percentage. Other altcoins such as DOGE, TON, ADA, SHIB, and LINK have experienced more significant declines, ranging from 2-4%.
The total crypto market cap has also suffered a blow, shedding an additional $30 billion overnight and now standing at $2.120 trillion on CG. Bitcoin’s market cap is below $1.150 trillion, with its dominance over altcoins hovering around 54%. This recent dip in prices across the board has led to a general sense of bearish sentiment in the cryptocurrency market.
Among the largest 100 altcoins, there are notable losers such as BEAM (-7%), FLOKI (-5%), and AAVE (-5%). In the case of FLOKI, the weekly price drop exceeds 22%, indicating a significant decline in value over a short period. While some altcoins like Uniswap’s native token have experienced notable increases, the general trend seems to be one of losses and declining market capitalization.
The recent price actions in the cryptocurrency market, particularly with Bitcoin and altcoins, have been characterized by a downward trend. While there have been brief moments of recovery, the overall sentiment remains bearish, with most cryptocurrencies experiencing losses in value. Investors and traders in the crypto space will need to carefully monitor the market in the coming days to assess the stability and potential for recovery in prices.
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