The past 24 hours have brought significant changes to the cryptocurrency market. The total market capitalization has decreased by 5.2%, reaching $2.75 trillion.
Bitcoin Price Drops to $60,000
Bitcoin's price dropped to a local low of $60,170. This is the lowest value since September 18th. However, Bitcoin's price has currently recovered to $61,500 thanks to the bulls.
Altcoins in the Red Zone
The price decline affected not only Bitcoin but also altcoins. Major cryptocurrencies such as ETH, SOL, XRP, BCH, TON, ADA, DOT, and others fell by 6-10%. The only exception is SUI, which is trading flat. The worst performers are Arweave (AR) down by 15.7%, Starknet at 14.9%, and Notcoin at 14.4%.
Reasons Behind Market Capitalization Decline
The primary reason for the decline is the tense situation in the Middle East. Iran launched a missile strike on Israel with more than 200 ballistic rockets, after which Israel stated it would respond. These events are causing market participants to worry and potentially move their investments from riskier assets like Bitcoin to safer ones like gold.
The tense geopolitical conditions are significantly affecting the cryptocurrency market, and the further development of events is still unclear. Investors continue to monitor the situation closely.
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