Bitcoin’s recent price movements have not been favorable, with the asset plummeting to a 2-week low of $57,100 in the past 24 hours. This downward trend comes after a brief surge last week that saw bitcoin reach over $65,100. However, the positive momentum was short-lived as the asset struggled to maintain its gains and started a downward spiral, losing value gradually.
Market Volatility
The volatility in the cryptocurrency market is evident not only in bitcoin’s price fluctuations but also in the performance of altcoins. Many alternative coins, such as TON, DOGE, and ADA, have also experienced losses in the range of 2-4%. This highlights the overall bearish sentiment that seems to be dominating the market currently.
Altcoins in the Red
The situation is not much better for altcoins, with Ethereum, Avalanche, and Bitcoin Cash all witnessing losses of under 1%. More substantial declines can be seen in SOL, XRP, and BNB, with losses exceeding 1%. The pain is further amplified by altcoins like DOGE, TON, ADA, SHIB, and LINK, which have all declined by 2-4%. This recent trend underscores the challenges facing the cryptocurrency market as a whole.
Bitcoin’s market cap currently sits below $1.150 trillion, with its dominance over other altcoins at 54%. The total cryptocurrency market cap has also taken a hit, shedding another $30 billion overnight and dropping to $2.120 trillion on CG. This represents a significant loss in market value within a short period, reflecting the overall uncertainty and volatility in the market.
While most altcoins are in the red, there are a few exceptions such as Uniswap’s native token, which has seen notable gains. However, the biggest daily losers from the top 100 alts include BEAM, FLOKI, and AAVE, with FLOKI experiencing a significant weekly price drop of over 22%. These stark contrasts in performance further illustrate the unpredictable nature of the cryptocurrency market.
The recent price actions in the cryptocurrency market, particularly for bitcoin and altcoins, have been disappointing. The overall bearish sentiment and market volatility have led to significant losses in value across the board. As investors navigate these challenging times, it is essential to stay informed and exercise caution when trading in such a volatile market environment.
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