The entire market remains in negative territory on a daily and weekly basis.
In recent hours, the #bitcoin price situation has worsened, with the asset falling below $6000 for the first time in weeks.
Bitcoins reacted to the collapse even worse: #BTC fell below $2900, while SOL, DOGE and BCH fell in price by 6-7%. Last weekend was also quite volatile, but the situation was quite different. At that time, #BTC was on the rise thanks to Donald Trump's participation in the conference and his speech in support of cryptocurrencies. However, the asset was moving mostly northward, reaching a high of $70,000 on Monday, the highest level in almost seven weeks.
Once later, however, when BTC fell by $4,000, the situation changed: after a brief lull around $66,000, the bear camp became prevalent again, especially on Friday. After news broke that the US unemployment rate rose to its highest level since 2021, bitcoin fell sharply from $66,000 to $62,200 in a matter of hours.
BTC fell significantly along with other risky assets such as US stocks. However, the pullback continued over the weekend as bitcoin trading never stops. As a result, the price fell to just under $60,000 today, its lowest level in three weeks.
BTC has since recovered a bit and is now just above that major mark, but is still down 2% in one day and more than 10% since last Sunday. Its market capitalization has fallen below $1.2 trillion, but its dominance over #altcoins has increased to 53.2% on a CU basis.
BTC's growing dominance amid a bitcoin sell-off means altcoins are lagging behind. Among the major altcoins, SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%) and NEAR (-8%) lost the most.
#BTC and the BINANCE coin fell another 3% to $2,890 and $523 respectively; XRP, TON, ADA, LINK, UNI and LTC also declined, albeit less painfully.
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