Over the past 24 hours, Bitcoin’s price has taken a turn for the worse, dropping to a 2-week low of $57,100. This downward trend comes after a week of fluctuating prices, with Bitcoin initially surging to over $65,100 before gradually losing value. Despite a brief recovery on Thursday that pushed BTC to $61,000, it has since dropped back down to under $58,000. The recent dip to $57,000 marks the first time Bitcoin has been at this price point since mid-August, with the cryptocurrency still down 9% for the week.
Not only is Bitcoin struggling, but most altcoins are also in the red on a daily scale. Tokens such as TON, DOGE, and ADA have seen declines of 2-4%. Ethereum, Avalanche, and Bitcoin Cash have charted losses of under 1%, while SOL, XRP, and BNB are down by just over that percentage. Even more significant drops come from DOGE, TON, ADA, SHIB, and LINK, which have all declined by 2-4%. Uniswap’s native token is one of the few exceptions with a notable increase in value. Overall, the total crypto market cap has shed another $30 billion overnight and is down to $2.120 trillion on CG.
Bitcoin’s market cap currently sits beneath $1.150 trillion, with its dominance over altcoins at 54%. Despite attempts to recover value over the weekend, Bitcoin and altcoins continue to face bearish sentiment. The fluctuating prices and lack of sustained growth have left investors feeling uncertain about the future direction of the market.
Overall, the current state of Bitcoin and altcoins is a mixed bag of fluctuations and declines. While some tokens are experiencing minor losses, others are seeing significant drops in value. The market sentiment remains cautious as investors monitor price movements and attempt to navigate the turbulent waters of the cryptocurrency market.
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