Bitcoin’s price movements over the past several days were quite promising as the asset had recovered from last week’s crash and stood above $66,000 and even $67,000 before the landscape changed for the worse once again today.
The altcoins, though, are in an even worse state, with numerous massive price declines across almost all charts.
BTC Slides Below $64K
CryptoPotato reported the adverse price movements last week that were propelled by the escalating tension between Iran and Israel. This culminated in a price drop to under $59,500 on Friday, hours before the fourth halving.
However, when Iran tried to calm the situation, bitcoin went on the offensive and jumped by over five grand in hours. It faced the completion of the halving at around $65,000 and kept climbing gradually over the next few days to just under $67,000.
The latest failed attempt to overcome that level was yesterday. However, the bears were quick to intercept the move and pushed the cryptocurrency south hard.
In a matter of hours, the asset fell by more than $3,000 and kept dropping to a multi-day low of $63,500 (on Bitstamp). Its current price tag is not much higher amid the growing ETF outflows, and its market cap has declined to $1.260 trillion on CG. Its dominance over the alts has remained at the same level of 50.7%.
Bitcoin/Price/Chart 25.04.2024. Source: TradingViewAlts Turn Red
The landscape around the altcoins is even worse today. Aside from BNB, TRX, and LEO, who have been spared by the crash, the rest of the larger-cap alts are deep in the red. ETH is down by 4% and trades inches above $3,100. Similar losses are evident from XRP, LINK, LTC, and NEAR.
More painful declines come from the likes of Solana (-7%), Dogecoin (-8%), Toncoin (-9%), Cardano (-6%), Shiba Inu (-8%), Avalanche (-10%), Bitcoin Cash (-6%), and Polkadot (-8%).
The total crypto market cap has dumped by around $100 billion in a day and is under $2.5 trillion on CG now.
Cryptocurrency Market Overview. Source: QuantifyCrypto