The cryptocurrency market is currently experiencing a significant downturn, with Bitcoin’s price plummeting by roughly $10,000 since its peak last Thursday when it reached nearly $74,000. This decline has also had a ripple effect on alternative coins, causing heavy losses across the board. The total crypto market cap has dropped to under $2.5 trillion, down from over $2.9 trillion just a week ago.
Bitcoin had been on a winning streak for several weeks, reaching an all-time high of $73,800 after gaining more than 30% since the beginning of the month. However, analysts began predicting a correction, and that correction began to unfold last Friday when Bitcoin’s price dropped to $68,500. While there were attempts to recover, the cryptocurrency was quickly pushed back down to $66,000, signaling the start of a downward trend.
As Bitcoin’s price continued to decline, altcoins also took a hit, with many of them shedding double-digit percentages in just a day. Ethereum, for example, which had surpassed $4,000 less than a week ago, dropped by 9% and is now trading at $3,250. Other altcoins like Solana, Binance Coin, Dogecoin, Polkadot, Polygon, and NEAR have all experienced significant losses, with some of them declining by over 10% in a single day.
The overall cryptocurrency market cap has also seen a drastic decrease, falling to under $2.5 trillion on popular platforms like CoinGecko. This marks a sharp contrast from last week when the market cap exceeded $2.9 trillion and was hovering around $2.7 trillion during the weekend. The declining prices of both Bitcoin and altcoins have contributed to this downward trend, causing concern among investors and analysts alike.
The cryptocurrency market is currently facing a period of uncertainty and volatility, with Bitcoin and altcoins experiencing significant losses in a short period of time. The continuous downward trend raises questions about the future of the market and whether a recovery is on the horizon. Investors should proceed with caution and stay informed about the latest developments to make well-informed decisions regarding their cryptocurrency investments.
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