The past 24 hours have not been kind to the cryptocurrency market, with Bitcoin’s price dropping to a 2-week low of $57,100. This comes after a week of mixed performance, where Bitcoin briefly surged to over $65,100 before facing a steep decline. The bearish trend seems to have continued, with Bitcoin struggling to regain its momentum.
It’s not just Bitcoin that’s feeling the pressure – most altcoins are also in the red on a daily scale. Tokens like TON, DOGE, and ADA have seen drops of 2-4%, adding to the overall bearish sentiment in the market. Ethereum, Avalanche, and Bitcoin Cash have also shown losses, albeit smaller than some of their counterparts.
Bitcoin’s market cap has dipped below $1.150 trillion, reflecting the overall downturn in the market. Despite a brief recovery attempt over the weekend, Bitcoin is still down 9% for the week. The total crypto market cap has also taken a hit, shedding $30 billion overnight and now sitting at $2.120 trillion on CG.
The recent price actions in the cryptocurrency market have left investors feeling uncertain about the future. With Bitcoin struggling to maintain its gains and altcoins following suit, the overall sentiment is bearish. The volatility in the market has also seen some tokens like DOGE, TON, ADA, SHIB, and LINK experiencing significant drops.
The recent struggles in the cryptocurrency market highlight the inherent volatility and unpredictability of the sector. While some tokens have managed to buck the trend and register gains, the overall mood remains bearish. Investors will be keeping a close eye on Bitcoin’s performance in the coming days to gauge the direction of the market.