The cryptocurrency market has experienced major losses in value on both daily and weekly scales. Bitcoin's price has fallen further over the past few hours, falling below $60,000 for the first time in weeks. Altcoins, on the other hand, reacted more harshly to the decline experienced this weekend. While Ethereum (ETH) fell below $2,900, Solana (SOL), Dogecoin (DOGE) and Bitcoin Cash (BCH) lost 6-7% of their value.

Cryptocurrency market is bleeding: Bitcoin falls below $60,000
There were big swings in the market last weekend, but Bitcoin was boosted by Donald Trump's conference attendance. Trump's crypto-friendly speeches increased the value of Bitcoin and caused it to go on a rollercoaster ride. As Kriptokoin.com reported, Bitcoin reached $70,000 on Monday, a level not seen in nearly seven weeks. However, after this level, the situation changed rapidly and Bitcoin lost more than four thousand dollars in value, falling to $66,000. On Friday, bears took control of the market again and Bitcoin's value fell from $66,000 to $62,200. News that the US unemployment rate has reached its highest level since 2021 caused Bitcoin to pull back sharply. Bitcoin, along with other risky assets such as US stocks, also suffered a major decline. This pullback continued as the cryptocurrency market traded continuously throughout the weekend, with Bitcoin falling below $60,000 in the early hours. This was the lowest price level Bitcoin had seen in three weeks.

Although Bitcoin has recovered slightly and is now trading just above the $60,000 level, it is still down 2% on a daily basis and over 10% since last Sunday. Its market cap has fallen below $1.2 trillion, but its dominance over altcoins has increased to 53.2%, according to CoinGecko data. Bitcoin's increasing dominance during its pullback indicates that altcoins are doing worse. Among altcoins with large market caps, the biggest losses were SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%) and NEAR (-8%). lived. Ethereum and Binance Coin fell by 3% to $2,890 and $523, respectively. XRP, TON, ADA, LINK, UNI and LTC are also in the red and have fallen at less painful rates.

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