The cryptocurrency market is undergoing a significant correction of late, with bulls appearing to be taking a breather after previous gains. The correction caused the total market capitalization to fall to about $2.45 trillion, with a loss of about $40 billion in the past 24 hours. Bitcoin price fell below $64,000, with many altcoins following suit. Let’s take a closer look at this market move and its impact.
Bitcoin price falls below $64,000
Bitcoin (BTC) bulls failed to sustain prices above $66,000 earlier this week, after which bears managed to take control. Sellers are currently trying to pull BTC below $63,000, leading to a daily loss of 2%. Bitcoin’s dominance, which measures its market share relative to other currencies, currently stands at 51.2%, according to CoinGecko. Bitcoin is down around 0.2% in the past 24 hours, which shows that altcoins are performing relatively well overall.
The market volatility we've seen this week comes amid political turmoil in the United States as the U.S. presidential election approaches. Big names in the cryptocurrency community weighed in, including Messari’s Ryan Selkis, Ethereum’s Vitalik Buterin, Cardano’s Charles Hoskinson, and more.
Altcoins are also in a downtrend
Most altcoins are also in a downtrend but are performing differently. For example, despite the general market downturn, Solana (SOL), Tron (TRX), and Telegram Open Network (TON) have remained profitable, albeit to a lesser extent. Other currencies, such as Ripple’s XRP, Avalanche (AVAX), Cardano (ADA), Uniswap (UNI), Polygon (MATIC), etc., experienced larger declines, between 3% and 5%.
However, it’s not all doom and gloom for all altcoins. Several cryptocurrencies have managed to withstand the downturn over the past 24 hours. Mantle was up 10%, while WIF was up 6%.
Worst performing cryptocurrencies
Some cryptocurrencies have been among the worst performers during this correction period. Among them, Lido DAO (LDO) and GALA fell nearly 7% each.
