Bitcoin’s price has taken a hit, dropping over three thousand dollars from its recent high of $100,000. The altcoin market is also suffering with significant price declines from coins like SOL, DOGE, ADA, and more. BTC experienced a short-term recovery earlier this week, soaring to a new all-time high of over $108,000 before a massive correction brought it down to around $92,000. However, the bulls managed to push the price back up to $95,000 before it dropped to just under $96,000. Despite the fluctuations, bitcoin’s dominance over altcoins has risen to 55%.
Meanwhile, the altcoin market is back in the red with Ethereum dropping to $3,350 after failing to break past $3,500. XRP also saw a decrease to $2.24 after failing to reach $2.4. Other altcoins like SOL, DOGE, ADA, AVAX, LINK, SHIB, XLM, and more have also experienced significant daily declines. The total crypto market cap has shed another $100 billion in a day, reaching $3.460 trillion on CG. Altcoins like APT have seen losses of up to 11% in a day, adding to the overall negative trend in the market.
Bitcoin’s market capitalization struggles to remain above $1.9 trillion as its price continues to fluctuate. Despite the recent drop, bitcoin is still 2% down on the day, hovering just above $96,000. The recent price movements have halted the community’s anticipation of a challenge for the six-digit mark, with bitcoin failing to maintain its upward trajectory. Bitcoin’s dominance over altcoins has risen to 55%, indicating that while most altcoins have suffered significant losses, BTC has managed to maintain its position as the leading cryptocurrency in the market.
Overall, the cryptocurrency market has seen another turbulent week with bitcoin’s price dropping from over $108,000 to around $96,000 in a matter of days. The altcoin market has also experienced significant losses, with coins like SOL, DOGE, ADA, and more suffering from double-digit declines. Despite the market turmoil, bitcoin’s dominance over altcoins has risen to 55%, indicating that investors are still flocking to the leading cryptocurrency. With uncertainty looming over the market, it remains to be seen whether bitcoin can regain its momentum and push past the $100,000 mark once again.
