Bitcoin recovered a lot of ground yesterday and spiked to $67,000, but the landscape has changed once again in a bearish manner, and the asset plummeted hard today.
Most altcoins have followed suit with massive price declines, led by SOL, TON, BCH, and others.
Bitcoin’s Struggles Continue
It’s safe to say that the past few days haven’t gone exactly BTC’s way. The cryptocurrency stood above $70,000 on Friday morning but slumped hard later that day amid the Fed’s latest announcements in regard to its interest rate policy.
Bitcoin fell to $65,000 but managed to recover around two grand on Saturday morning. However, the scenario repeated to an even more violent low after Iran launched a retaliation attack against Israel on Saturday evening.
BTC slumped to a multi-week low of around $61,000. It bounced off on Sunday and especially on Monday and jumped to around $67,000 once again.
Yet, the bears seem to be in control just days ahead of the halving and propelled another leg down earlier today. This time, Bitcoin dropped to just under $62,000. Despite recovering over a grand since then. BTC is still over 4% down in the past 24 hours.
Its market capitalization has declined by about $50 billion to $1.250 trillion, and its dominance over the alts stands at 51.5% on CG.
BTCUSD. Source: TradingViewAlts Suffer More
As it happened during the weekend, the market correction has hurt the altcoins even more. Ethereum went to $3,300 yesterday, but a 4% decline since then has pushed it back down to $3,100. Binance Coin, Ripple, Dogecoin, Cardano, Tron, and Polygon have charted similar losses.
The biggest losers from the larger-cap alts are SOL (-11%), TON (-10%), BCH (-12.5%), NEAR (-10%), and ICP (-8%).
Although most lower- and mid-cap alts are in a similar state, there’s one evident exception – OKB. OKX’s native token is up by 6.5% and sits close to $60.
The total crypto market cap has erased yesterday’s gains and is down by $100 billion to $2.430 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto