Recent decline of Bitcoin to $83,000 has impacted the entire cryptocurrency market, where several altcoins have also faced significant losses. Let's take a closer look at the developments.
Bitcoin's Price Movements
Bitcoin remains in highly volatile modes. Following significant losses from the previous trading week's start, when its price dropped below $77,000, the asset attempted some recovery aided by favorable US consumer price index data. However, Bitcoin failed to sustain above $85,000, dropping to $82,000, and ending the day below $83,000.
PI and Other Altcoins' Decline
Amid the general market decline, PI has emerged as the biggest loser, dropping 16% over the past 24 hours and clinging just above the $1.1 threshold. Solana, Cardano, Dogecoin, and others have also faced losses. In contrast, OKB has grown by over 5%.
Cryptocurrency Market Overview
The cumulative cryptocurrency market cap has decreased by $20 billion, standing at $2.8 trillion currently. Despite this, certain assets like AVAX, TRX, and TON have shown growth, demonstrating resilience amid the broader downturn.
The current fluctuations in the cryptocurrency market have again highlighted its sensitivity to external economic factors. Despite attempts by individual altcoins to maintain positions, the overall situation remains unstable.
