Two weeks ago, on the famed Bitcoin Pizza Day, BTC soared to a record high of nearly $112,000. The euphoria, however, was short-lived as the leading cryptocurrency began to retrace its steps almost instantly.

Despite maintaining a steady position around $110,000 initially, it suffered a major setback last week. The most drastic plunge occurred towards the end of the business week, causing the cryptocurrency to lose a significant chunk of its value. The lowest point was reached on Saturday when BTC fell to a 12-day low of $103,100.

At this critical juncture, the bulls made a concerted effort to prevent a potential collapse into the five-digit territory. Bitcoin showed signs of recovery, aiming for the $106,000 mark multiple times since then. However, these attempts proved futile with BTC now hovering below $105,000 following the most recent rejection.

Bitcoin’s market capitalization now stands at $2.080 trillion according to CG, while its dominance over the altcoins has climbed back to 61%.

Altcoins have suffered even greater losses than Bitcoin in the past 24 hours, with their reduced market share as clear evidence. Avalanche is among the worst-hit, shedding over 5% of its value and barely holding above the $20 mark. UNI and XMR have also seen significant drops, while HYPE, DOGE, and LINK are deep in the red. ADA, SUI, and XRP have lost up to 2%.

Overall, the total market capitalization of all cryptocurrencies has diminished by more than $30 billion since yesterday, currently standing below $3.410 trillion as per CG.

The post Bitcoin Dips below $105K, Altcoins Follow Suit: Market Analysis appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.