Bitcoin, the leading cryptocurrency, has experienced a significant decline, falling to $60,661 amid a broader market downturn that has wiped out $70 billion from the total crypto market capitalization. This drop marks the first time in several weeks that Bitcoin has dipped below the $60,000 threshold, before recovering slightly to its current level.
Market Overview
The cryptocurrency market has been volatile, with Bitcoin initially plunging below $60,000. Although it managed to rebound slightly to $60,661, the overall market sentiment remains bearish. This downturn has affected not only Bitcoin but also major altcoins like Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Bitcoin Cash (BCH), which have all seen declines ranging from 6% to 7%.
Recent Bitcoin Trends
Last weekend, Bitcoin surged to $70,000, reaching a seven-week high. This rise was fueled by optimistic remarks from prominent figures such as former President Donald Trump, Senator Cynthia Lummis, and Michael Saylor at the Bitcoin Conference in Nashville. However, this peak was short-lived, as Bitcoin soon dropped to $66,000 and further to $62,000 following the announcement of the highest U.S. unemployment rate since 2021.
Over the weekend, Bitcoin continued its downward trajectory, falling below $60,000 alongside a general downturn in risky U.S. stocks. Despite a slight recovery to $60,661, Bitcoin’s market capitalization has now dropped below $1.2 trillion.
Current Bitcoin Status
At the time of reporting, Bitcoin is trading at $60,661, having decreased by 1.7% in the past 24 hours. Its trading range for the day saw a high of $62,161 and a low of $59,909. Over the past week, Bitcoin has fallen by 10% and is down 17.7% from its all-time high of $73,737.
Altcoin Performance
The altcoin market has mirrored Bitcoin’s decline. Major cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), Avalanche (AVAX), Shiba Inu (SHIB), Bitcoin Cash (BCH), and Near Protocol (NEAR) have all suffered significant losses. Ethereum (ETH) dropped to $2,890 before recovering slightly to $2,907, while Binance Coin (BNB) fell to $523 and then to $349.
Market Capitalization Impact
The total crypto market capitalization has taken a substantial hit, losing $70 billion and dropping to $2.230 trillion. The top 19 cryptocurrencies by market cap are all in the red, with the total market down by 2.4% over the past 24 hours. Despite the downturn, Bitcoin’s dominance in the market has increased, rising to 53.2%, as per data from Coingecko.
Bottom Line
The recent market fluctuations highlight the inherent volatility in the cryptocurrency space. Investors and market participants will be closely watching for any signs of stabilization or further declines in the coming days.
