Over the weekend, Bitcoin experienced a significant drop in price, falling below the $60,000 mark for the first time in weeks. This downward trend was also reflected in the altcoin market, with Ethereum dropping below $2,900 and other coins such as SOL, DOGE, and BCH seeing losses of 6-7%.
Last weekend was marked by volatility in the cryptocurrency market, with Bitcoin experiencing a rollercoaster ride. Despite reaching a peak of $70,000 on Monday, the price quickly fell by $4,000. The bears took over on Friday, causing Bitcoin to plummet from $66,000 to $62,200 in a matter of hours.
The downward trend in Bitcoin’s price was further exacerbated by news of rising unemployment rates in the United States. This negative economic news caused Bitcoin, along with other riskier assets like US stocks, to experience significant losses. The continuous trading over the weekend led to Bitcoin hitting its lowest price in three weeks.
Altcoins Suffering
As Bitcoin’s dominance in the market increased, altcoins experienced even larger losses. Major altcoins such as SOL, DOGE, AVAX, SHIB, BCH, and NEAR all saw declines of 5-8%. Ethereum and Binance Coin also dropped by 3% each.
Total Market Cap Decline
The total cryptocurrency market cap lost $70 billion in just one day, bringing it down to $2.230 trillion. This represents a total loss of over $300 billion in just a few days, indicating the severity of the market downturn.
The weekend crash in the cryptocurrency market has left investors reeling as Bitcoin and altcoins alike experienced significant losses. The volatility and market reaction to economic news have created a tense atmosphere, with the total market cap seeing substantial declines. As the market continues to navigate these turbulent waters, investors must remain vigilant and cautious in their trading decisions.