Bitcoin and Altcoins Drop in Value
Bitcoin has recently dropped to its lowest price in over a week, falling to $58,100 earlier today. Other cryptocurrencies, known as altcoins, are also doing poorly. For example, Ethereum (ETH) fell by 8%, Solana (SOL) dropped by 7%, and Dogecoin (DOGE) decreased by 6%.
Bitcoin’s Recent Decline
Bitcoin ended the previous week on a high note after a slow start. On Friday, some positive news from the US, including the Federal Reserve Chair’s promise to lower interest rates and Robert F. Kennedy Jr.’s endorsement of Donald Trump, caused Bitcoin’s price to soar by over $4,000 in less than a day.
By Saturday, Bitcoin’s price reached nearly $65,000. Although it dropped a little on Sunday, it climbed again on Monday morning, briefly surpassing $65,000 for the first time in three weeks.
However, this upward trend didn’t last. Bitcoin’s price started to fall and dropped to around $63,000 by yesterday. Over the past 12 hours, it has continued to decline significantly as sellers took control of the market.
Bitcoin dropped to a 9-day low of $58,100 on Bitstamp, causing over $320 million worth of trades to be liquidated. Experts on ETFs are confused about this decline. Although Bitcoin has recovered slightly and is now trading around $59,100, it is still 5.5% lower than it was earlier in the day. As a result, its market value has fallen to $1.170 trillion.
Alts See Nothing but Red
The situation with altcoins is pretty tough right now. Ethereum has dropped by 8% and is now below $2,500. Solana (SOL) has fallen to $145 after a 7% daily drop. Other cryptocurrencies like Avalanche (AVAX), Shiba Inu (SHIB), Dogecoin (DOGE), Bitcoin Cash (BCH), Uniswap (UNI), and NEAR are also seeing similar losses.
The meme coin sector, known for its high volatility, has been hit the hardest. You can find details here about some of the biggest losers in this area.
Overall, the total value of all cryptocurrencies is down to $2.170 trillion. This is a decrease of $130 billion from yesterday and more than $200 billion since Monday.
