Bitcoin has experienced a significant drop over the weekend, reaching a ten-day low of under $65,000. This volatility has also affected other cryptocurrencies, with the total market cap losing over $100 billion in just one day and over $300 billion in the past few days.
The week started on a positive note for Bitcoin, as it reached a new all-time high of $73,800. However, this peak was followed by a sharp decline, with the bears taking over the market and pushing Bitcoin below $66,000. Although there was a temporary recovery to challenge $70,000, the price quickly dropped back to $68,000. In the last 12 hours, Bitcoin hit a ten-day low of $64,500 before recovering slightly, but it is still down by more than 5% for the day.
Altcoins have also experienced significant losses, following Bitcoin’s downward trend. Ethereum, which had surpassed $4,000, dropped below $3,500 after a 7% daily decline. Other cryptocurrencies such as Binance Coin, Solana, Ripple, Avalanche, Shiba Inu, Dogecoin, Polygon, and Polkadot also saw double-digit losses.
These price drops have resulted in a decline of over $100 billion in the total market cap, which now stands at under $2.6 trillion. This represents a loss of over $300 billion since Friday. Despite these losses, Bitcoin’s dominance over the altcoins has increased by 0.5% daily.
Overall, the cryptocurrency market has experienced a significant downturn over the weekend, with Bitcoin leading the way in slumping prices.