Bitcoin Falls by $4,000
After several consecutive days of steady gains and new record highs, Bitcoin (BTC) has experienced a sharp decline. In the last 12 hours, its price has fallen by over $4,000.
The leading cryptocurrency rebounded from its weekly low of $94,400 and began a strong rally that peaked on Thursday, when it surpassed the $100,000 mark. Over the weekend, BTC remained stable, trading around $101,500.
As the new week began, Bitcoin made another push, climbing to $106,500 on Monday and reaching its latest all-time high above $108,000 on Tuesday.
However, after gaining approximately $14,000 over the past week, a correction seemed inevitable. Over the last several hours, BTC has dropped by more than $4,000 and is now trading just above $104,000. Its market capitalization has settled at $2.060 trillion, while its dominance over altcoins has climbed to 54%.
Altcoins Follow the Downtrend
As is often the case when Bitcoin moves sharply, altcoins follow suit. Ethereum (ETH) has dropped by 4% and is now trading just above $3,850. XRP fell 2.5% to $2.52, while Solana (SOL) is struggling at around $216.
Other altcoins showing significant losses include:
Cardano (ADA), TRON (TRX), Avalanche (AVAX), Shiba Inu (SHIB), Toncoin (TON), SUI, Stellar (XLM), Polkadot (DOT), and Aptos (APT), which have dropped by up to 9%.
PEPE also saw a sharp decline and is now battling to stay above $0.0000215.
Crypto Market Cap Loses $150 Billion
The total market capitalization of all crypto assets was nearing $4 trillion yesterday. However, following the recent downturn, it has shed approximately $150 billion, bringing the current total to just under $3.85 trillion.
This drop highlights how quickly corrections can occur even after several days of impressive growth in the crypto market.
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