Bitcoin has been experiencing a significant downturn in its price in the past few hours, dropping below $60,000 for the first time in weeks. The altcoin market has also been hit hard, with ETH falling below $2,900, and other major coins like SOL, DOGE, and BCH experiencing losses of 6-7%. This comes after a weekend of extreme volatility, with BTC reaching a peak of $70,000, only to quickly drop by $4,000 in a single day. The rollercoaster ride continued as news of rising unemployment rates in the US caused further panic in the markets.
Bitcoin Dominance
Despite a slight recovery from its lowest point earlier today, Bitcoin is still down 2% for the day and more than 10% since last Sunday. Its market cap has also dropped below $1.2 trillion, although its dominance over other cryptocurrencies has risen to 53.2%. This increase in dominance indicates that the altcoins are suffering even more, with coins like SOL, DOGE, and AVAX experiencing losses of 5-7%.
The total crypto market cap has seen a significant decrease, losing $70 billion since yesterday and dropping to $2.230 trillion. In the past several days, the market has shed over $300 billion, reflecting the overall uncertainty and volatility in the cryptocurrency space.
Ethereum and Binance Coin have both seen declines of 3%, with ETH falling to $2,890 and BNB dropping to $523. Other major altcoins like XRP, TON, ADA, LINK, UNI, and LTC have also experienced losses, although to a lesser extent than some of the larger-cap coins. This widespread decline across the altcoin market indicates that the negative sentiment is affecting a wide range of cryptocurrencies.
Overall, the recent market movements in the cryptocurrency space highlight the continued volatility and uncertainty that investors are facing. With Bitcoin’s price dropping below $60,000 and the total market cap decreasing significantly, it is clear that the market sentiment is currently bearish. This serves as a reminder of the risks involved in investing in cryptocurrencies and the importance of staying informed and cautious in such a rapidly changing market.
