Bitcoin’s price took a significant hit in the past few hours, dropping to a six-week low of under $28,800. This downturn in Bitcoin’s performance has had a ripple effect on the altcoin market, resulting in a decline of over $20 billion in the total crypto market cap.
For the past week, Bitcoin had been trading within a range of $29,000 to $29,500, showing little volatility. Even the recent interest rate hike by the US Federal Reserve had minimal impact on its price. However, during the Asian trading session today, bears took control and pushed Bitcoin’s price further down. It reached its lowest point since June 21, hitting $28,750 on Bitstamp. Although it has recovered slightly since then, it remains below $29,000.
The decline in Bitcoin’s price has also affected most altcoins. Ethereum, the second-largest cryptocurrency, struggled to surpass $1,900 and has now dropped by 1.5% to below $1,850. Other altcoins such as Ripple, Dogecoin, Cardano, Polkadot, Shiba Inu, Tron, and Uniswap have also experienced slight declines. Polygon, Solana, and Litecoin have seen losses of up to 4% daily.
Stellar and Optimism have been hit even harder, with XLM down by 5.5% and OP plummeting by 8%. Overall, the crypto market cap has seen a significant decrease of $20 billion from its peak, now standing at $1.160 trillion.
It is not uncommon for Bitcoin’s price to experience volatility, and such market movements are closely monitored by the crypto community. Traders and investors will be keeping a close eye on the market in the coming days to assess whether this downturn is temporary or indicative of a larger trend.
Disclaimer: The information provided here does not constitute investment advice or financial analysis. The Crypto Time does not endorse or recommend any specific investment or trading strategy. Readers are encouraged to conduct their own research and consider their financial circumstances before making any investment decisions.