After a steady weekend, Bitcoin began the week with a decline to below $96,000, putting pressure on many altcoins.
BTC Below $96K
Following a calm weekend, Bitcoin began the new week with consecutive price drops, reaching a multi-week low of under $93,500. However, the bulls intercepted this move, pushing the price back to $96,000. Subsequently, a positive announcement from Coinbase’s CEO allowed BTC to climb to $99,500. Nonetheless, after Bybit, a major exchange, was hit by a $1.4 billion hack, BTC lost about $4,000 in value in a few hours, falling to $95,000. During the weekend, it rebounded above $96,000, but slipped again below this level at the start of the new week.
Alts Bleed Out
Altcoins show significant losses over the past 24 hours. Ethereum dropped 4% to below $2,700. XRP fell by a similar percentage and is struggling below $2.5. More substantial declines are evident from Solana, Dogecoin, Cardano, Chainlink, Avalanche, Shiba Inu, and Pepe, with losses of up to 8%. HYPE stood out as it experienced an 11.5% drop, setting its price at $21.5.
Summary and Analysis
The total crypto market cap has shed over $60 billion, now down to $3.265 trillion. The increase in Bitcoin's dominance suggests a shift in focus back to the leading cryptocurrency amid the struggles of altcoins.
In summary, given the unstable market environment and external factors such as hacking incidents, the cryptocurrency market continues to exhibit volatility and rapid price changes.
