Bitcoin’s price has been on a rollercoaster ride in the past week, reaching highs of over $65,100 before plummeting to a 2-week low of $57,100. The digital asset failed to maintain its peak and started to lose value gradually, experiencing multiple price drops along the way. Despite a brief recovery to $61,000 on Thursday, it couldn’t shake off the bearish setup and fell back to under $58,000 by Friday. The situation worsened further earlier this morning when it dipped below $57,000 for the first time since mid-August.
Altcoins in the Red
Not only has Bitcoin been struggling, but most altcoins are also in the red on a daily scale. Altcoins like TON, DOGE, and ADA have experienced losses of 2-4%. Ethereum, Avalanche, and Bitcoin Cash have seen minor losses of under 1%, while SOL, XRP, and BNB are down by just over that percentage. More significant losses have been observed in coins like DOGE, TON, ADA, SHIB, and LINK, with declines of 2-4%.
The total crypto market cap has also taken a hit, shedding another $30 billion overnight and dropping to $2.120 trillion on CoinGecko. Bitcoin’s market cap is now below $1.150 trillion, with its dominance over the altcoins sitting at 54%. Despite some exceptions like Uniswap’s native token, the majority of altcoins are facing losses in the current market scenario.
Some of the biggest daily losers from the top 100 altcoins include BEAM (-7%), FLOKI (-5%), and AAVE (-5%). FLOKI, in particular, has seen a weekly price drop of over 22%, indicating the turbulent nature of the crypto market at the moment. The recent price actions and fluctuations highlight the volatility and unpredictability of the cryptocurrency market, making it a challenging environment for investors and traders alike.