Bitcoin's price encountered resistance at $120,000 and has begun to correct, impacting the entire cryptocurrency sector.
Bitcoin Stopped at $120,000
Bitcoin reached an impressive peak of $123,000, setting a new all-time high. However, a correction followed, with the asset losing over $7,000 primarily due to profit-taking and market uncertainty. Currently, Bitcoin trades around $118,000.
Situation with Altcoins
Many altcoins that were showing gains have also started to lose value. XRP, which soared to $3.6, has dropped to just above $3.4. Ethereum fell below $3,600. The most significant depreciation is observed in SUI, while Dogecoin and ETC remain exceptions.
Overall Crypto Market Overview
The total market capitalization of the cryptocurrency sector has decreased from over $4 trillion to approximately $3.940 trillion, marking a loss of $100 billion from its recent peak.
The cryptocurrency market continues to experience volatility, as evidenced by Bitcoin's recent drop and the adverse trend among altcoins.
