The cryptocurrency market continues to face challenges amid global geopolitical and economic pressures. As a result, Bitcoin and major altcoins are showing significant declines.
Bitcoin Plummets Towards $103K
Bitcoin's price has dropped nearly 3% over the past 24 hours in what appears to be a broader market sell-off. Currently, Bitcoin is trading at approximately $102,400 after a slight rebound. Analysts indicate that trading around $100,000 reflects institutional dominance in the market.
Altcoins Crash Harder
Amid the drop in Bitcoin, most altcoins are also trading in the red, with larger-cap cryptocurrencies like Ethereum, Solana, and Cardano demonstrating losses of over 3% during the same period. Interestingly, Bitcoin's market dominance has increased by more than 1%.
Market Under Economic Pressure
The decline in prices is influenced not only by the current sell-off in the cryptocurrency market but also by economic instability caused by events in the Middle East. The conflict between Israel and Iran is further affecting stock markets and driving oil prices up.
In the ongoing downturn of the cryptocurrency market, experts advise caution, emphasizing the importance of understanding long-term investment trends beyond market volatility.
