Bitcoin has faced a rough patch recently, plunging to a two-week low of $57,100. Just a week ago, the leading cryptocurrency was riding high, hitting over $65,000, but it has since seen a sharp decline, leaving investors uneasy.
BTC’s Rocky Road
Bitcoin’s recent price movements have been turbulent. After peaking at $65,100 following positive news from the US, the cryptocurrency started to lose steam. The decline was gradual at first but accelerated mid-week, bringing the price down to $58,000. Although there was a brief recovery to $61,000 on Thursday, the overall trend remained bearish, and BTC slipped below $58,000 by Friday.
Early this morning, Bitcoin dropped further to $57,000, its lowest level since mid-August. Despite a modest rebound to just over $58,000, Bitcoin is still down 9% for the week. Its market cap has fallen below $1.150 trillion, but its market dominance has increased to 54%.
Altcoins in the Red
With Bitcoin struggling, altcoins have also taken a hit. Major altcoins like Ethereum, Avalanche, and Bitcoin Cash have seen slight declines, while others like SOL, XRP, and BNB have dropped just over 1%.
The situation is worse for coins like DOGE, TON, ADA, SHIB, and LINK, which have all decreased by 2-4% in the past day. FLOKI has been particularly hard hit, losing 5% of its value in the last 24 hours and over 22% for the week. BEAM and AAVE have also suffered, each falling by 5-7%.
Market Snapshot
The broader cryptocurrency market hasn’t fared much better, with the total market capitalization dropping by $30 billion overnight to $2.120 trillion. The market remains highly volatile, and with the current bearish trend, traders are closely monitoring the situation for any further changes.
Staying up-to-date with daily market reports is essential for navigating the volatile crypto landscape and keeping track of important price movements.
