Bitcoin’s price reached the $70,000 mark but was met with a significant rejection, causing a drop of over $4,000. This rejection also impacted the altcoin market, leading to a $100 billion decrease in the total crypto market cap. Last Thursday, the market appeared to be controlled by bears as the price of bitcoin plummeted from over $67,000 to just under $63,500. However, the bulls managed to take control as the price reversed and surged to over $69,000 on Saturday in anticipation of events like the Bitcoin Conference in Nashville and a speech by Donald Trump.
The volatility seen during Trump’s speech led to a $3,000 drop in BTC’s price, though it managed to bounce back to $67,200. The bulls regained momentum on Monday, pushing the cryptocurrency to a seven-week high of $70,000. However, this upward trend was short-lived as bitcoin experienced a sharp decline of over $4,000, resulting in a 4% decrease in price for the day. BTC’s market cap also fell to $1.320 trillion, with its dominance over altcoins decreasing to 52.5%.
Following the movement of BTC, most altcoins also turned red on the daily scale. Major losses were seen in larger caps like SO, AVAX, ADA, DOGE, and others, with losses ranging from 3.6% to 5%. Other altcoins such as ETH, XRP, TON, TRX, SHIB, and LINK also experienced losses, but to a lesser extent. Some lesser-known altcoins like JUP, TAO, WIF, BONK, AR, and ICP suffered losses of more than 5% within the day. The total crypto market cap hit $2.6 trillion before dropping by over $100 billion to its current low.
The rejection at the $70,000 mark and subsequent downward trend may have been influenced by actions or news from the US government. Despite the drop in price, bitcoin has managed to recover some of its losses, climbing back up by $1,000 from its low point. The market remains volatile, with investors closely monitoring developments in the cryptocurrency space. Overall, the recent price movements in bitcoin and altcoins highlight the continued volatility and unpredictability of the cryptocurrency market, presenting both risks and opportunities for traders and investors.
