Recent price declines in Bitcoin and other cryptocurrencies have led to substantial market losses. Bitcoin has dipped nearly to a 6-week low, prompting reactions from most altcoins.
Bitcoin's Decline
The week has been tough for Bitcoin, starting with a drop to a multi-week low below $112,000. After Fed Chair Jerome Powell's remarks about potential rate cuts, Bitcoin's price briefly surged to $117,000, but quickly retraced to $115,000 before falling again below $112,000 on Monday morning.
Altcoin Trends
Most altcoins have also experienced price declines. Ethereum, which set a new all-time high of $4,950, has fallen to $4,600. XRP has lost support below $3, while other cryptocurrencies like SOL, ADA, TRX, DOGE, and LINK have also posted significant losses of around 7-8%.
Overall Market Capitalization
The cumulative market capitalization of all cryptocurrency assets has seen a sharp decline, reducing by approximately $200 billion since the previous day, now standing at $3.930 trillion.
The drop in prices for Bitcoin and altcoins reflects the current instability in the cryptocurrency market. Investors continue to monitor further movements to understand the overall market trends.
