The price of Bitcoin has been on a steady decline recently, losing approximately ten thousand dollars since reaching its peak last Thursday at nearly $74,000. The downward trend has caused panic in the cryptocurrency market, with alternative coins also experiencing significant losses. The total crypto market cap has plummeted to less than $2.5 trillion after surpassing $2.9 trillion just last week.
Bitcoin had been on an impressive run for weeks, culminating in a record-breaking high of $73,800 last Thursday. However, analysts had already started predicting a correction due to the rapid increase in value. The correction began unfolding last Friday when Bitcoin’s price dropped to $68,500. Although there were brief moments of recovery, with the price jumping to $70,000 during the weekend, the overall trend has been downward. As of the latest data, Bitcoin is trading at around $63,000, marking a significant decline from its recent highs.
The decline in Bitcoin’s price has had a ripple effect on the altcoin market, with many of the major alternative coins experiencing substantial losses. Ethereum, the second-largest cryptocurrency, has dropped below $3,250 after reaching over $4,000 just a week ago. Other altcoins like Solana, Binance Coin, Dogecoin, Polkadot, Polygon, and NEAR have all shed over 10% of their value in a single day. The overall landscape for lower- and mid-cap altcoins is also grim, with many of them witnessing double-digit losses.
The total cryptocurrency market cap has taken a major hit, dropping to under $2.5 trillion after hitting highs of over $2.9 trillion last week. The significant decrease in market capitalization reflects the overall bearish sentiment in the market, with investors growing increasingly wary of the volatility in the cryptocurrency space.
The recent price decline in Bitcoin and altcoins has shaken the cryptocurrency market, erasing billions of dollars in value within a short period. The heightened volatility and uncertainty surrounding the future of digital assets have left investors on edge, unsure of whether to hold or sell their positions. As the market continues to navigate through this turbulent period, it remains to be seen whether Bitcoin and altcoins will be able to regain their footing and recover from these substantial losses.