Bitcoin's price took another downturn in the past 24 hours, dropping to a two-week low of $57,100. Most altcoins are also in the red.
Bitcoin Price Drops
Bitcoin's recent price actions have been quite disappointing. A week ago, it reached a multi-week peak of $65,100 due to positive developments in the US. However, failing to maintain this level, the price began to decline gradually on Tuesday and rapidly on Wednesday, resulting in a drop to $58,000. Despite a brief recovery to $61,000 on Thursday, Bitcoin fell below $58,000 by Friday. Over the weekend, it tried to recover but failed, reaching $57,000 on Monday morning, the lowest since mid-August. Despite rebounding slightly to $58,000, Bitcoin is still down 9% on the week. Its market cap has fallen below $1.150 trillion, but its dominance stands at 54%.
Altcoins Back in Red
Altcoins are once again in the red. Ethereum, Avalanche, and Bitcoin Cash have charted losses of under 1%, while SOL, XRP, and BNB are down by just over that percentage. More significant losses come from DOGE, TON, ADA, SHIB, and LINK, all declining by 2-4%. Uniswap’s native token is among the few exceptions with a notable increase. The biggest daily losers among the top 100 altcoins include BEAM (-7%), FLOKI (-5%), and AAVE (-5%). FLOKI's weekly price drop exceeds 22%.
Crypto Market Overview
The total crypto market cap has shed another $30 billion overnight, dropping to $2.120 trillion.
The past few days have been tough for the cryptocurrency market, with significant losses for Bitcoin and most altcoins.
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