Bitcoin Price Falls Below $64,000 as Altcoins See Decline: Market Update
The current state of the cryptocurrency market shows a correction as bullish momentum takes a pause after recent days of rallying. This correction has led to a decrease in total capitalization to approximately $2.45 trillion, with a loss of around $40 billion in the last 24 hours.
Bitcoin’s value is also experiencing a decline, in line with most other alternative coins. Let’s delve deeper into the details.
Bitcoin’s Price Slips Below $64K
Despite the earlier attempt by BTC bulls to uphold the price above $66K, the bears have now seized control. Sellers are striving to push BTC below $63K, resulting in a 2% daily drop.
Data from CoinGecko indicates that Bitcoin’s dominance, which measures its share compared to the rest of the market, currently stands at 51.2%. This figure has decreased by about 0.2% over the past day, indicating that altcoins, as a whole, are performing relatively better.
The market volatility witnessed this week coincides with escalating political unrest in the US as the Presidential elections approach. Key figures in the crypto space, including Ryan Selkis from Messari, Vitalik Buterin from Ethereum, Charles Hoskinson from Cardano, and others, are sharing their viewpoints on the matter.
Altcoins Also Experience Declines
The majority of alternative coins are following a downward trend, although some are faring better than others. For instance, SOL, TRX, and TON are managing to stay in positive territory despite the broader market downturn, albeit with slight gains.
On the flip side, cryptocurrencies like Ripple’s XRP, AVAX, ADA, UNI, MATIC, and others are witnessing more significant declines ranging between 3% and 5%.
Nevertheless, amidst the market turbulence, certain cryptocurrencies have managed to buck the trend in the last 24 hours. Mantle has seen a 10% increase, while WIF is up by 6%. Conversely, the poorest performers during this period are Lido DAO (LDO) and GALA, both experiencing nearly a 7% loss.
In conclusion, the cryptocurrency market is currently navigating through a correction phase, with Bitcoin and altcoins experiencing fluctuations in value. The ongoing market dynamics are influenced by both internal and external factors, shaping the trajectory of various digital assets.
