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| Bitcoin Drops to $60,661 Amidst Market Downturn as Crypto Market Loses $70 Billion: Analysis and Impact on Altcoins Image credit: Pixabay |
Bitcoin's Recent Performance
Bitcoin has dropped to $60,661, following a general market downturn that left most crypto assets in the red. The flagship crypto asset initially fell below the $60,000 mark for the first time in several weeks before slightly recovering to its current price.
Market Cap Impact
The total market capitalization of the entire crypto market lost a staggering $70 billion during this downturn. At the time of the report, Bitcoin is trading at $60,661, down 1.7% in the last 24 hours with a maximum price of $62,161 and a minimum of $59,909. The crypto asset has declined by 10% over the last seven days and is down 17.7% from its all-time high of $73,737.
Weekly Bitcoin Analysis
Bitcoin experienced a roller coaster week, initially hitting a seven-week high of $70,000 after positive pro-crypto speeches from influential figures like Donald Trump, Senator Lummis, and Michael Saylor at the Bitcoin Conference in Nashville. However, this peak was short-lived, and the asset dropped $4,000 to settle at $66,000. On Friday, Bitcoin further declined to $62,000 following news of the US unemployment rate hitting its highest level since 2021. Over the weekend, Bitcoin fell below $60,000 alongside risky US stocks, with a slight recovery to $60,661 at the time of the report. Its market cap has also slumped below $1.2 trillion.
Altcoins Performance
Altcoins were heavily affected by the market downturn over the weekend, often reacting to Bitcoin's performance. Ethereum (ETH) dropped below $2,900, while Solana (SOL), Dogecoin (DOGE), and Bitcoin Cash (BCH) each saw declines of 6-7%. The biggest losers among altcoins with large market caps included SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%). Ethereum recovered slightly to $2,907 after dropping to $2,890, and Binance Coin (BNB) fell to $349 from $523.
Market Capitalization Overview
The total crypto market capitalization now stands at $2.230 trillion after losing $70 billion, down 2.4% in the last 24 hours. Despite the general market downturn, Bitcoin maintains reasonable dominance over altcoins. According to data from CoinGecko, Bitcoin's dominance has risen to 53.2%.
Key Insights
- Bitcoin's Decline: Bitcoin fell to $60,661, marking its biggest drop in several weeks, contributing to a $70 billion loss in the overall crypto market capitalization.
- Altcoin Impact: Major altcoins like ETH, SOL, DOGE, AVAX, SHIB, BCH, and NEAR experienced significant drops over the weekend.
- Market Cap Loss: The total crypto market capitalization fell to $2.230 trillion, with the top 19 crypto assets by market cap all in the red.
- Bitcoin Dominance: Despite the market downturn, Bitcoin's dominance over altcoins has increased to 53.2%.
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