The entire crypto market has recently experienced a significant downturn, with Bitcoin leading the charge by dropping to a multi-month low of around $57,000. This decline has not only affected Bitcoin but has also dragged down most large-cap altcoins, with many experiencing double-digit losses. Over the past 36 hours, the total market capitalization of cryptocurrencies has seen a staggering loss of over $200 billion, marking one of the most challenging periods for the market in recent times.
Just a few days ago, Bitcoin seemed to be on an upward trajectory, aiming for the $65,000 mark. However, it failed to sustain that level, and what followed was a sharp decline to $62,000, and then even further to a two-month low of $59,100. Despite a brief recovery, Bitcoin’s price plummeted once again, this time to just over $57,000, the lowest it has been since late February. This latest drop is part of the broader market volatility, often influenced by major events such as the upcoming US FOMC meeting.
Bitcoin’s downturn has had a ripple effect across the altcoin market. Ethereum, for instance, which had been performing well, especially after the launch of Hong Kong spot ETFs, saw its price drop by more than $300, falling below $2,900. Binance Coin also lost its footing, dropping to $550, while other cryptocurrencies like SOL, DOGE, TON, SHIB, AVAX, BCH, and NEAR have all seen significant losses.
Some cryptos resisting the downturn are Cosmos (ATOM, 8%), Goldfinch (GFI, 22%), Zeta Network (ZETA, 12%) and Aerodrome Finance (AERO, 10%),
As a result of these movements, Bitcoin’s market capitalization has decreased to $1.130 trillion, and its dominance over altcoins remains strong at 50.5%. The total cryptocurrency market cap now stands at $2.240 trillion, its lowest point since February.
