Bitcoin (BTC) experienced a significant drop in price, falling below $61,000 for the first time in over two weeks. However, there are signs of recovery in the market. While many altcoins also suffered losses, some have shown positive movement, such as ARB and STX.
Just a week ago, Bitcoin was reaching new all-time highs almost daily, with its price peaking at $73,800. However, the situation changed rapidly, and BTC plummeted to $66,000 on Friday. Recovery attempts over the weekend were unsuccessful, and the negative trend continued into Monday.
On Tuesday, during the early Asian trading hours on Wednesday, Bitcoin dropped even further to its lowest price in over two weeks, falling below $61,000. Nevertheless, the asset has since shown resilience and has recovered about $2,000 from its morning lows.
Despite the recovery, Bitcoin remains down by 14% for the week, resulting in a decrease in its market capitalization to $1.233 trillion. Additionally, Bitcoin’s dominance over altcoins has slipped to just below 50%.
Altcoins also suffered losses, with Ethereum dropping from over $4,000 to under $3,200. Solana overtook BNB as the fourth-largest digital asset, and Avalanche experienced the most significant drop among larger-cap altcoins. On the positive side, TON, STX, ARB, and OP have all seen double-digit price increases.
The total cryptocurrency market cap has slightly declined and remains below $2.5 trillion. Despite the recent downturn, there are signs of recovery and green shoots emerging within the market.