As the disappointing price trend of Bitcoin continues, the asset has failed to maintain its position above $61,000 and has approached the coveted support level of $60,000.
Altcoins are also in a similar state, with DOGE, ADA, SHIB, LINK, PEPE, NEAR, and other tokens falling by more than 3% in just one day.
BTC loses $60,000?
The weekend proceeded in a familiar fashion, with the price of BTC hovering just above the $64,000 mark. Lack of action on the ETF front led to minimal fluctuations on Saturday and Sunday.
On Monday, when the bears stepped on the gas, things got worse. In a matter of hours, they pushed the cryptocurrency south, with Bitcoin plummeting to $58,400 by Tuesday morning. This marked the lowest price in nearly two months.
The bull market intervened at this point and almost immediately pushed Bitcoin back above $60,000. It even surged to $62,400 on the same day, but failed to continue rising, or even maintain its current position.
Since then, Bitcoin has fallen by nearly two thousand dollars, currently well below $61,000. Its market value has once again dropped to below $1.2 trillion, and its dominance in the alternative investment space has fallen to 50.6% on CG.
DOT starting from $6
Large-cap alts also saw losses in the past day. Binance Coin, Ripple, Solana, Tron, and Ethereum were among the least affected alternative coins, with declines of around 1%.
However, DOGE, ADA, LINK, SHIB, NEAR, and PEPE all dropped by over 3% in the same time period. On the other hand, FET plummeted by 11%, falling below $1.55.
KAS is the only significant gainer among large-cap alts, rising by 8% to $0.175.
The total market value of cryptocurrencies dropped by over $30 billion overnight, falling to $2.365 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto.