According to CryptoPotato, Bitcoin's recent surge in value has experienced a setback, with the cryptocurrency falling below $70,000 and even dipping under $69,000 in the last 24 hours. Other cryptocurrencies, known as altcoins, have also seen a decrease in value, with significant price drops from BCH, DOT, DOGE, ICP, RNDR, WIF, and APT.
Last week, Bitcoin saw a substantial price drop, reaching a multi-day low of $64,500. However, the bulls intervened, resulting in a $5,000 surge on Thursday. After a correction the following day, Bitcoin began to regain value over the weekend, increasing back to $69,000. Despite overcoming the $70,000 level on Monday and reaching a four-week high of over $72,500, Bitcoin began to lose value gradually. The early morning Asian trading session today saw another decline, pushing Bitcoin to under $68,500.
Currently, Bitcoin is trading around $69,000. Its market capitalization has fallen to $1.360 trillion, and its dominance over other cryptocurrencies stands at just over 50%.
Apart from BNB, TON, and XRP, most other larger-cap altcoins are in the red today. These three have seen gains between 1-3%, while ETH has dropped by 2.5%, and SOL has lost 1.5% of its value, similar to AVAX and SHIB. More significant losses have been seen from DOGE (-3%), ADA (-3%), DOT (-3%), and BCH (-6%). The most notable price declines are from WIF (-11%), APT (-11%), RNDR (-6.5%), ICP (-6.5%), STX (-5%), and NEAR (-5.3%).
As a result, the cumulative market cap of all cryptocurrencies has lost over $40 billion in a day and more than $80 billion since Monday's peak.