Bitcoin’s price has been incredibly volatile in the past week, with a sharp drop to a 2-week low of $57,100. The asset had surged above $65,100 just a week ago but failed to maintain its momentum. Despite a brief recovery to $61,000, bitcoin plunged back down to under $58,000, and has been struggling to regain its footing ever since.
Not only has bitcoin been facing challenges, but most altcoins are also experiencing a downward trend. TON, DOGE, and ADA have all dropped by 2-4%. Ethereum, Avalanche, and Bitcoin Cash have also seen losses of under 1%, while SOL, XRP, and BNB are down by just over that percentage. The situation is even more dire for coins like DOGE, TON, ADA, SHIB, and LINK, which have all declined by 2-4%.
While most altcoins are in the red, there are a few exceptions. Uniswap’s native token recorded a notable increase amidst the market turmoil. However, the biggest daily losers from the largest 100 alts include BEAM (-7%), FLOKI (-5%), and AAVE (-5%). FLOKI, in particular, has seen a weekly price drop of over 22%.
The total crypto market cap has taken a hit as well, shedding another $30 billion overnight to reach $2.120 trillion on CG. Bitcoin’s market cap is now below $1.150 trillion, with its dominance over the altcoins hovering around 54%. The market turmoil seems to be dragging everything down with it, creating a sense of unease and uncertainty among investors.
The recent price actions of bitcoin and altcoins paint a grim picture of the current state of the crypto market. With bitcoin struggling to find solid ground and altcoins facing widespread losses, investors are left wondering about the future direction of the market. Will bitcoin be able to bounce back from this latest slump, or are we headed towards a prolonged period of uncertainty and volatility? Only time will tell.
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