Over the last few days, Bitcoin‘s price showed signs of improvement as it bounced back from the previous week’s downturn and reached levels above $66,000 and even touched $67,000. However, the situation took a turn for the worse today, causing the price to drop once more.
Altcoins are experiencing significant price drops nearly universally.
BTC Slides Below $64K
Last week, CryptoPotato announced the unfavorable price shifts, triggered by the heightening conflict between Iran and Israel. Consequently, the price plunged to approximately $59,500 on Friday, just prior to the forthcoming Bitcoin halving event.
Despite Iran’s efforts to ease tensions, bitcoin responded aggressively and surged past $5,000 within hours. The digital currency approached the halving milestone at around $65,000 and continued climbing steadily, reaching nearly $67,000 over the following days.
Yesterday saw a recent unsuccessful effort to surmount that particular hurdle for the cryptocurrency. Swiftly following this, the bears seized the opportunity and forcefully drove the digital currency downward.
Within a few hours, the value of the asset plummeted by over $3,000 and reached a multi-day low of $63,500 on Bitstamp. Its price remains relatively unchanged at this level due to increasing ETF withdrawals. The market capitalization of the asset has decreased to $1.260 trillion according to CoinGecko. Despite this, its control over the alternative assets remains steady at 50.7%.
Alts Turn Red
The situation for most alternative cryptocurrencies, besides BNB, TRX, and LEO, is quite unfavorable at the moment. These three have managed to avoid significant damage during the recent market downturn. However, the larger-cap altcoins like Ethereum, XRP, LINK, Litecoin, and NEAR are all experiencing losses. Ethereum, for instance, has dropped by 4% and is hovering just above $3,100. Similar declines can be observed in the other mentioned cryptocurrencies.
These cryptocurrencies – Solana, Dogecoin, Toncoin, Cardano, Shiba Inu, Avalanche, Bitcoin Cash, and Polkadot – have experienced significant decreases in value, with Solana down 7%, Dogecoin dropping 8%, Toncoin losing 9%, Cardano declining 6%, Shiba Inu falling 8%, Avalanche shrinking 10%, Bitcoin Cash sliding 6%, and Polkadot suffering an 8% decrease.
In simpler terms, the overall value of all cryptocurrencies combined dropped by approximately $100 billion within a day and currently hovers around $2.5 trillion according to CoinMarketCap.
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2024-04-25 11:56