Bitcoin’s price action over the past few days has been quite promising as the asset has recovered from last week’s crash and moved above $66,000 and even $67,000 before things took a turn for the worse again today.
However, the situation was worse for altcoins, with prices seeing massive declines on almost all charts.
BTC falls below $64,000
CryptoPotato reported that last week, the price saw negative movement due to escalating tensions between Iran and Israel. Ultimately, the price fell below $59,500 on Friday, just hours before the fourth halving.
However, as Iran tried to calm the situation, Bitcoin took off and surged more than fivefold in a matter of hours. At the end of the halving, its price was around $65,000 and gradually climbed to just under $67,000 in the following days.
The most recent failed attempt to overcome this level was yesterday. However, the bears quickly stopped the move and pushed the cryptocurrency strongly southward.
In a matter of hours, the asset dropped more than $3,000 and continued to fall to a multi-day low of $63,500 (on Bitstamp). Its current price is not much higher amid increasing ETF outflows, and its CG market capitalization has dropped to $1.260 trillion. Its dominance over altcoins remains at 50.7%.
Alt turns red
Today, the situation around altcoins is even worse. With the exception of BNB, TRX, and LEO, which were not affected by the crash, the rest of the large-cap stocks fell into serious losses. ETH fell 4% and is trading just above $3,100. XRP, LINK, LTC, and NEAR have similar losses.
Even more painful declines came from Solana (-7%), Dogecoin (-8%), Toncoin (-9%), Cardano (-6%), Shiba Inu (-8%), Avalanche (-10%), Bitcoin Cash (-6%), and Polkadot (-8%).
The total cryptocurrency market capitalization plummeted by approximately $100 billion in one day, and the current market capitalization of CG is less than $2.5 trillion.
