The price of Bitcoin took another turn for the worse yesterday when it fell below $60,000 for the first time in over a month.
Most altcoins are also deep in the red today, with names like SOL, DOGE, and TON down more than 5-6%.
BTC’s latest dive
It was less than a week ago – last Friday – when the leading cryptocurrency surpassed $70,000 and even challenged $71,000. However, this was only short-lived and external events, such as comments from the US Fed and rising tensions between Iran and Israel, led to a massive drop in prices.
It all started on Friday evening with a drop to $65,000. After grabbing a few thousand dollars on Saturday, BTC was abandoned later in the evening when Iran launched an attack on Israel. The asset fell to $61,000.
It managed to regain some ground on Sunday and Monday, but that didn’t last long and Bitcoin started losing value again. This culminated yesterday when the cryptocurrency dropped to just under $60,000 for the first time since early March 2024.
Despite now being over $1,500 above that low, BTC is still down 3% on the day and just above $61,000. Its market cap has fallen to $1.21 trillion, while its alt dominance still remains at 51.5%.
Alts turn red again
Altcoins also followed suit with a price decline over the past 24 hours. Ethereum, for example, fell from over $3,100 to under $3,000, and it is also struggling currently. Aside from BNB, which is slightly in the green, the rest of the alts are deep in the red.
This trend is led by Dogecoin, which has seen a dump of over 8%. Toncoin (-6.5%) and Solana (-5%) come next, followed by ADA, AVAX, SHIB, TRX and LINK.
Further losses are evident in WIF (-10%), TAO (-7.5%), OKB (-7.5%), and more.
The total crypto market capitalization decreased by $60 billion overnight and fell to $2.350 trillion.
2024 LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to sign up and open a $500 BTC-USDT position on Bybit Exchange for free!
Disclaimer: Information found on CryptoPotato is that of the cited authors. It does not represent the opinions of CryptoPotato on whether to buy, sell or hold any investments. You are advised to carry out your own research before making any investment decision. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.