Over the weekend, there was a significant shift in the cryptocurrency market, with prices plummeting to levels not seen in the past ten days. The primary cryptocurrency, Bitcoin, took a hit, dropping below $65,000. This downturn was mirrored across alternative coins, causing the total crypto market cap to lose over $100 billion in a single day and more than $300 billion over the course of a few days.
At the start of the week, Bitcoin soared to new heights, reaching over $70,000 and setting a new all-time high of $73,800 on Thursday. However, this peak was short-lived as the bears stepped in, pushing the price back down to under $66,000 by Friday. Despite a slight recovery on Saturday, Bitcoin struggled to maintain momentum and slipped back to $68,000. The latest drop saw Bitcoin hitting a ten-day low of $64,500, with a slight rebound but still remaining more than 5% down for the day.
The decline in Bitcoin’s price had a ripple effect on alternative coins, with Ethereum, Binance Coin, Solana, Ripple, Avalanche, Shiba Inu, Dogecoin, Polygon, Polkadot, and many others experiencing significant losses. Ethereum, which had surpassed $4,000 earlier, dropped below $3,500 after a 7% daily decline. This downward trend extended to mid- and lower-cap altcoins, leading to a total market cap decline of over $100 billion, now standing at under $2.6 trillion – a drop of over $300 billion since Friday.
As the market continues to fluctuate, investors and traders are on edge, unsure of what the coming days hold. The volatility in cryptocurrency prices serves as a stark reminder of the risks involved in this emerging market. While some see this as an opportunity to buy the dip, others are cautious of further declines. Only time will tell how the market will react and whether Bitcoin and altcoins can recover from this weekend’s crash.
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