Bitcoin’s price took a drastic hit in the past 24 hours, dropping to a 2-week low of $57,100. This comes after a week of tumultuous price actions for the leading cryptocurrency. Just a week ago, Bitcoin soared to over $65,100, reaching a multi-week peak following positive developments in the US. However, the bullish momentum was short-lived as the price started to decline steadily on Tuesday and then rapidly on Wednesday.
The decline in Bitcoin’s price has also impacted most altcoins, with TON, DOGE, and ADA all seeing drops of 2-4% on a daily scale. Ethereum, Avalanche, and Bitcoin Cash have also experienced minor losses of under 1%. However, the pain is more severe for other alts like SOL, XRP, and BNB, which are down by just over that percentage. Dogecoin, TON, Cardano, Shiba Inu, and Chainlink have all suffered significant drops of 2-4%.
Bitcoin’s market cap currently stands at below $1.150 trillion, with its dominance over the altcoins at 54%. Despite bouncing back slightly to just over $58,000, Bitcoin is still down 9% on the week. The overall cryptocurrency market cap has also taken a hit, shedding another $30 billion overnight and dropping to $2.120 trillion.
Among the largest 100 altcoins, BEAM, FLOKI, and AAVE have taken significant hits, with BEAM down 7% and both FLOKI and AAVE down 5%. FLOKI, in particular, has seen a weekly price drop of over 22%, reflecting the volatile nature of the cryptocurrency market.
The recent price actions in the cryptocurrency market, particularly with Bitcoin and altcoins, have been tumultuous and disappointing for investors. The volatility and downward trends have created an atmosphere of uncertainty and anxiety among market participants. It remains to be seen whether Bitcoin and the altcoins will be able to recover from these losses and regain their previous highs.
