Altcoins have continued to suffer significant losses, coinciding with Bitcoin’s rejection at the $100K mark over the weekend. Bitcoin’s price woes persist even as the cryptocurrency faced a severe rebuke at $100,000 and plunged over four thousand in a matter of hours. Compared to Bitcoin, a majority of altcoins are faring much worse, witnessing substantial double-digit losses on a weekly basis.
Bitcoin’s performance over the past week has been anything but steady. It kicked off the previous weekend with a price dive from $102,000 to $97,000 on Sunday morning, following Trump’s tariffs against China, Mexico, and Canada. The situation took a turn for the worse on Monday morning with a further drop to under $92,000.
Unexpectedly, the cryptocurrency rebounded and added ten thousand within hours, peaking above $102,000. However, this surge was ephemeral as Bitcoin quickly surrendered its six-digit price tag and descended towards $97,000.
After a few days of sideways movement, Bitcoin momentarily crossed the $100,000 mark on Friday. However, the bears quickly took control, preventing further growth and pushing bitcoin down to under $96,000. The cryptocurrency now struggles to recover that level, with its market capitalization teetering on the brink of falling below $1.9 trillion. Despite this, Bitcoin’s dominance over altcoins remains high (nearly 59% on CG), as altcoins have taken a harder hit.
Altcoins, on the other hand, have suffered more than Bitcoin, with many deep in the red. Ethereum has seen a 4% drop over the past day and is struggling to maintain above $2,600. Other larger-cap altcoins such as Chainlink, SUI, AVAX, ADA, and XMR have also experienced significant declines of up to 7%. DOGE, BNB, SOL, and HBAR are also in the red, albeit less severely. XRP and TRX are among the few altcoins with minor gains over the past day.
Consequently, the total crypto market cap has lost another $80 billion since yesterday, bringing it down to $3.250 trillion on CG.
