Bitcoin recovered a lot of ground yesterday and climbed to $67,000, but the landscape once again changed bearish and the asset fell sharply today.
Most altcoins followed suit with massive price declines, led by SOL, TON, BCH and others.
Bitcoin’s Struggles Continue
It’s safe to say that the last few days haven’t gone exactly BTC’s way. The cryptocurrency was hovering above $70,000 on Friday morning, but fell sharply later in the day amid the Fed’s latest announcements regarding its interest rate policy.
Bitcoin fell to $65,000 but managed to recover around two thousand dollars on Saturday morning. However, the scenario repeated itself until it became even more violent after Iran launched a retaliatory attack against Israel on Saturday evening.
BTC fell to a multi-week low of around $61,000. It rebounded on Sunday and especially Monday and jumped again to around $67,000.
Yet the bears appear to be in control just days before the halving and propelled another decline earlier today. This time, Bitcoin fell to just under $62,000. Despite a recovery of over a thousand dollars since then. BTC is still down over 4% in the last 24 hours.
Its market cap has declined by around $50 billion to $1.25 trillion, and its alt dominance stands at 51.5% over CG.
Alts suffer more
As happened this weekend, the market correction hurt altcoins even more. Ethereum rose to $3,300 yesterday, but a 4% drop since then has brought it back to $3,100. Binance Coin, Ripple, Dogecoin, Cardano, Tron and Polygon saw similar losses.
The biggest losers among larger-cap alternative assets are SOL (-11%), TON (-10%), BCH (-12.5%), NEAR (-10%), and ICP (-8%).
Although most small- and mid-cap alternative stocks are in a similar state, there is one obvious exception: OKB. OKX’s native token is up 6.5% and sitting near $60.
The total crypto market capitalization erased yesterday’s gains and declined by $100 billion to $2.43 trillion.
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