The cryptocurrency market has experienced a significant downturn, with Bitcoin (BTC) dropping to a 6-week low of $62,000. This follows a week of turbulence, where BTC's value fluctuated between $67,000 and $63,500. Despite this, Bitcoin's dominance has increased to 51.6%, indicating a potential silver lining amidst the market downturn.
Altcoins have also followed suit, with notable drops from SOL, SHIB, UNI, BCH, and others, all experiencing over 5% daily losses. Ethereum (ETH) and Binance Coin (BNB) have also seen a 3% daily drop. The meme coin industry has been hit even harder, with several coins experiencing double-digit drops.
Despite these losses, the overall market remains optimistic. The cumulative market cap of all crypto assets is still just under $2.4 trillion, indicating the continued strength and resilience of the cryptocurrency market. As the market navigates this period of volatility, the focus remains on the potential of DeFi and BRC-20 tokens to drive future growth and innovation.