The cryptocurrency market experienced a sharp decline yesterday after several days of gains. Bitcoin lost over $6,000 from its record level, affecting many altcoins.
Bitcoin's Decline
At the beginning of the week, Bitcoin's price was between $105,000 and $110,000, but on Wednesday, there was a sudden increase that reached a new all-time high of $123,000. However, today, Bitcoin has fallen below $117,000, with a market capitalization of $2.320 trillion. Bitcoin's dominance in the altcoin market remains at 62.1%.
Altcoin Retreat
As Bitcoin fell, many altcoins also showed a downturn. Dogecoin lost nearly 7%, hovering around $0.19. Other altcoins like BNB, SOL, BCH, and SHIB also recorded declines of up to 5.5%, while ETH fell below $3,000. The total market capitalization of all crypto assets decreased by about $150 billion, remaining under $3.750 trillion.
Overall Market Dynamics
The overall situation in the cryptocurrency market has been dynamic in recent days, driven by both growth and subsequent losses. Short-term trends, as well as external factors like political events, play a significant role in price changes. The market overall demonstrates high volatility.
The current fluctuations in the cryptocurrency market once again highlight its instability and how quickly prices can change. Investors remain cautious of market developments.
