Cryptocurrencies have experienced a major loss of value on both a daily and weekly scale. Bitcoin’s price has fallen even further in the last few hours, falling below $60,000 for the first time in weeks. Altcoins reacted more strongly to this weekend’s decline; Ethereum (ETH) fell below $2,900, while Solana (SOL), Dogecoin (DOGE) and Bitcoin Cash (BCH) lost 6-7% of their value.
Cryptocurrencies are bleeding: Bitcoin fell below $60,000
Although last weekend was quite volatile, the cryptocurrencies’ landscape was completely different. During that period, Bitcoin went on a rollercoaster ride with Donald Trump’s conference participation and pro-crypto speech. However, it generally moved upwards during this process. As we reported at Kriptokoin.com, it reached $70,000 on Monday, a level not seen in about seven weeks. However, the situation changed later that day and Bitcoin fell four thousand dollars at once. After a lull around $66,000, bears regained control, especially on Friday.
Bitcoin fell sharply from $66,000 to $62,200 in a matter of hours after news that the unemployment rate in the United States had reached its highest level since 2021. Bitcoin, along with other risk assets such as US stocks, experienced a sharp decline. However, in Bitcoin’s case, the pullback continued throughout the weekend, as the cryptocurrency market continued to trade non-stop. This culminated in a drop below $60,000 earlier today, the asset’s lowest price level in three weeks.
While it has since recovered somewhat and is now trading just above that level, Bitcoin is down 2% on the day and over 10% since last Sunday. Its market cap has fallen below $1.2 trillion, but its dominance against altcoins has increased to 53.2%, according to CoinGecko data.
Altcoins also suffered major losses
Bitcoin’s increasing dominance during the pullback suggests that altcoins are in even worse shape. Among the altcoins with large market caps, the biggest losses were SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%). Ethereum and Binance Coin fell 3% each to $2,890 and $523, respectively. XRP, TON, ADA, LINK, UNI, and LTC are also in the red, but they fell at less painful rates.
$300 billion evaporated from the market
Total crypto market cap has lost another $70 billion since yesterday, dropping to $2.230 trillion, according to CoinGecko data. This metric has lost more than $300 billion in value in the past few days. The constantly volatile nature of crypto markets forces investors to be on their toes. The current declines could be a reflection of global economic uncertainties and other factors in the market. Investors are waiting to see if the market will stabilize and if Bitcoin and altcoins will rise again.
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