In the past few hours, Bitcoin has experienced a significant drop, falling below $60,000 for the first time in several weeks. This comes after a period of volatility, where the price of the asset reached a peak of $70,000 just last Monday, only to plummet by four grand later that day. The bears have been in control, especially on Friday, leading to a hard dump from $66,000 to $62,200.
The altcoins have also been hit hard by this weekend’s crash, with Ethereum falling below $2,900 and other major altcoins like SOL, DOGE, and BCH experiencing a 6-7% decline. The overall market has seen significant losses, with the total crypto market cap dropping by $70 billion since yesterday and now sitting at $2.230 trillion.
Despite a slight recovery, Bitcoin is still down 2% on the day and more than 10% since last Sunday. Its market cap has fallen below $1.2 trillion, but its dominance over the altcoins is on the rise, currently standing at 53.2% on CoinGecko. This increase in Bitcoin dominance suggests that altcoins are suffering even more from the current market conditions.
The biggest losers among the larger-cap altcoins include SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%). Ethereum and Binance Coin have also seen declines of 3% each, with Ethereum now at $2,890 and Binance Coin at $523. Other altcoins like XRP, TON, ADA, LINK, UNI, and LTC have also experienced losses, although not as significant as some of the larger-cap altcoins.
The cryptocurrency market is currently experiencing a period of negative price movement, with Bitcoin leading the way with a significant drop below $60,000. The altcoins have also been affected, with many major coins experiencing losses in the past few days. It remains to be seen how the market will react in the coming days and whether there will be any significant recovery in prices.