Yesterday, Bitcoin‘s value experienced a significant decrease, falling under $60,000 for the first time in more than a month.
Many alternative cryptocurrencies, including Solana (SOL), Dogecoin (DOGE), and TON, experienced significant declines today, dropping by over 5-6%.
BTC’s Latest Nosedive
Last Friday, the value of the leading cryptocurrency surpassed $70,000 and reached towards $71,000. However, this peak didn’t last long due to external factors such as remarks from the US Fed and escalating tensions between Iran and Israel. Consequently, there were significant price drops.
On Friday night, Bitcoin took a sudden dip to $65,000. It regained around $2,000 over the weekend. However, BTC plummeted again later on Saturday evening when Iran initiated an attack against Israel. The value of the asset dropped to $61,000.
On Sundays and Mondays, Bitcoin regained some lost ground, but this didn’t persist, and the cryptocurrency began to decrease in value yet again. The downward trend reached a climax on the previous day when Bitcoin dropped below $60,000 for the first time since early March 2024.
Although BTC costs over $1,500 more than it did at its low point, it’s only managed to gain 3% in value today and is just barely above $61,000. Its market capitalization currently sits at $1.210 trillion, while the percentage of the cryptocurrency market that it controls remains steady at 51.5%.
Alts Turn Red Again
In the previous 24 hours, altcoins mimicked the downward trend in prices. For example, Ethereum dropped from over $3,100 to below $3,000 and is currently facing difficulties, while BNB is the only exception with a slight gain. The remaining altcoins are showing significant losses.
The downward trend is predominantly driven by Dogecoin, which has experienced a decrease of more than 8%. Toncoin (-6.5%), Solana (-5%), and other cryptocurrencies including ADA, AVAX, SHIB, TRX, and LINK have also followed suit with notable losses.
Further losses are evident from the likes of WIF (-10%), TAO (-7.5%), OKB (-7.5%), and more.
The total crypto market cap is down by $60 billion overnight and is down to $2.350 trillion.
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2024-04-18 12:10