Bitcoin has once again faced resistance at the $120,000 level, resulting in a decrease in its price and a decline in most altcoins.
Bitcoin's Struggle at $120,000
Bitcoin (BTC) was unable to break the $120,000 mark after reaching a new all-time high of over $123,000 last week. In the following week, the cryptocurrency entered a consolidation phase, trading sideways around $118,000. Despite several attempts to overcome the $120,000 resistance, BTC could not maintain its momentum and fell to just above $116,000. Currently, BTC is priced at around $118,000.
Altcoin Declines Except for Pi Network
Many large-cap altcoins also faced declines. Ethereum (ETH), after hitting a multi-month high of around $3,800, fell by 4.5% to below $3,700. XRP and other altcoins such as ADA, DOGE, TRX, and AVAX also recorded significant losses. However, Pi Network's token showed a growth of over 6%, reaching $0.477, while KAS also maintained positive momentum.
Overall Cryptocurrency Market Dynamics
The cryptocurrency market has wiped out around $60 billion since yesterday, falling below a total market cap of $4 trillion. Currently, Bitcoin's market capitalization stands at approximately $2.350 trillion, with its dominance over altcoins just above 59%.
The situation in the cryptocurrency market remains unstable, and investors' attention will be focused on potential changes in Bitcoin's price and the reactions of altcoins to current fluctuations.
