Bitcoin has once again slipped below the $26,000 mark, continuing its recent struggles in the market. After briefly surpassing this level following a price flash crash, the leading cryptocurrency has experienced a decline. This downward trend has also affected other altcoins, with Ethereum (ETH) and Binance Coin (BNB) dropping by 1.5% once again.
BTC had been trading within a narrow range of $29,200 to $29,500 for about a week before attempting to break out towards $30,000 on Monday. However, it faced resistance and was unable to sustain this upward momentum. As a result, BTC retraced back to around $29,000. By Thursday, it had lost even more value, and rumors circulated that SpaceX had sold off its remaining bitcoin holdings. This news triggered an immediate price drop, causing BTC to plummet to $25,300 on various exchanges.
This marked the lowest price for Bitcoin in over two months. Although it initially bounced back and reclaimed the $26,000 level, it has experienced another decline of 1-2% in the past 24 hours, falling just below that threshold. Currently, Bitcoin’s market capitalization is on the verge of dropping below $500 billion, while its dominance over other cryptocurrencies stands at 48.1%.
The altcoin market has also been affected by the recent market downturn. In the past few days, the total market capitalization of alternative coins has decreased by over $110 billion. While the volatility has subsided slightly in the past 24 hours, some of the largest altcoins, including ETH and BNB, are still in the red. Both have declined by approximately 1.5%, with ETH trading at $1,660 and BNB at $215.
On a weekly scale, XRP, SHIB, and LTC have been among the worst performers, experiencing declines of more than 20% since last Saturday. However, there are a few notable gainers within the top 100 altcoins. HBAR and KAS have seen impressive price surges of 13-16%, with HBAR reclaiming $0.06 and KAS trading above $0.04.
The overall cryptocurrency market has witnessed significant fluctuations, with Bitcoin leading the way in terms of price movements. As the market continues to evolve, investors and traders will closely monitor these developments to make informed decisions regarding their crypto portfolios.
Note: The content above has been generated by an AI language model and may not reflect the views or opinions of the Crypto Time publication.
