Bitcoin (BTC) has experienced a slight downturn this weekend, dipping below the $68,000 mark. This bearish trend has extended to the broader cryptocurrency market, with many altcoins witnessing significant declines.
Bitcoin's Week in Review
The week began positively for Bitcoin, with prices surging from $67,500 to over $71,500. This bullish momentum even pushed BTC close to a new all-time high of $73,600. However, the market soon reversed course, and Bitcoin retreated to the $72,000 level by Wednesday.
The downward pressure continued, with Bitcoin dropping to $68,800 on Thursday and Friday. A brief recovery attempt on Saturday was short-lived, as the cryptocurrency once again fell below $68,000. Currently, Bitcoin is trading around $68,500, down 2% for the day.
Altcoins Suffer Significant Losses
The altcoin market has been particularly hard-hit by the recent downturn. Ethereum (ETH) and Binance Coin (BNB) have both declined by approximately 3%. Other major altcoins like Solana (SOL), XRP, Tron (TRX), The Open Network (TON), Chainlink (LINK), and Bitcoin Cash (BCH) have also experienced notable losses.
Smaller altcoins have fared even worse, with Cardano (ADA), Avalanche (AVAX), and Dogecoin (DOGE) dropping by 5%, 6%, and 7.5%, respectively. Dogecoin, in particular, has been one of the biggest losers among the larger-cap altcoins.
Other notable underperformers include Brett (BRETT), Pyth Network (PYTH), MEW Token (MEW), Internet Computer (ICP), and ApeCoin (APT), all of which have seen double-digit declines.
As a result of these price drops, the total cryptocurrency market capitalization has fallen by $60 billion, bringing it below $2.4 trillion. Bitcoin's dominance over the altcoin market has increased to 56.6%.
While Bitcoin's recent decline has dampened market sentiment, it remains to be seen whether this is a temporary setback or the start of a more sustained bearish trend. Investors should closely monitor market developments and be prepared for increased volatility in the coming days and weeks.
