Bitcoin falls below $60,000, altcoin market takes big hit
Bitcoin price has deteriorated further in the past few hours, falling below $60,000, its lowest level in weeks.
The market saw a significant increase in volatility this weekend, with altcoins in particular taking a bigger hit. ETH fell below $2,900, and the prices of SOL, DOGE, and BCH fell by 6-7%.
Donald Trump’s pro-cryptocurrency speech at a conference sent Bitcoin prices on a roller-coaster ride. Overall, however, Bitcoin prices are rising and peaked at $70,000 on Monday, its highest level in nearly seven weeks.
Bitcoin fell by $4,000 in a short period of time. After a brief plateau around $66,000, bears have taken over again, especially on Friday. Bitcoin price plummeted from $66,000 to $62,200 in just a few hours following news that the U.S. unemployment rate had risen to its highest level since 2021.
The weekend retracement continues as trading in the cryptocurrency market never stops. Earlier today, Bitcoin price fell to just under $60,000, the asset’s lowest point in three weeks. Although Bitcoin prices subsequently recovered and are currently slightly above this level, Bitcoin prices were still down 2% on the day and more than 10% since Sunday. Bitcoin’s market capitalization has fallen below $1.2 trillion, but its market dominance has increased to 53.2%.
During the Bitcoin correction, the altcoin market was hit even harder. The largest decliners among large-cap altcoins include SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%) . Ethereum and Binance Coin fell 3% to $2,890 and $523 respectively. XRP, TON, ADA, LINK, UNI, and LTC also posted losses, albeit to a smaller extent.
Since yesterday, the total cryptocurrency market value has shrunk by another $70 billion, now falling to $2.230 trillion. The metric has lost more than $300 billion in the past few days.
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