Over the weekend, Bitcoin’s price continued to plummet, dipping below $28,000 for the first time in a week. This decline in value follows a volatile week with a price surge on Friday night to almost $30,000. However, the bears came out and prevented further increases, causing Bitcoin to rapidly lose value. On Saturday, the asset slipped below $28,500 and remained around $29,000 on Sunday. As the weekend came to a close, Bitcoin plummeted by another $1,000 and fell below $28,000 to mark its lowest price tag in a week. The asset is still struggling to reclaim that level, with its market cap dropping to $540 billion, and BTC down by 3.5% on the day.
Altcoins Follow Suit
When Bitcoin’s price declines, most of the altcoins also experience a drop. Ethereum has mirrored Bitcoin’s price decline and is currently priced at $1,850. Other altcoins such as Binance Coin, Cardano, Dogecoin, Solana, Tron, and Litecoin have also declined by approximately 3-4%. The larger-cap alts, including Polygon, Ripple, Shiba Inu, and Avalanche, have experienced daily drops of 5% or more. Furthermore, losses come from NEAR, APB, LDO, ICP, FTM, and HBAR, with declines of 6-7%. Overall, the total crypto market cap has declined to $1.115T on CMC, with a daily drop of $40 billion and a $60 billion decline over the past two days.