The Flagship crypto asset Bitcoin has dropped to $60,661 following a general market downturn that left most assets in the Red.
The Total market capitalization of the entire crypto market also lost a staggering $70 billion following the downturn.
Bitcoin initially plummeted below the $60,000 mark for the first time in several weeks before slightly gaining to $60,661 at the time of the report.
The same scenario played out with Altcoins with ETH slumping beneath $2,900, while SOL, DOGE, and BCH have dumped by 6–7%.
Bitcoin through the week
After a brief roller coaster last weekend, Bitcoin hit $70,000 a seven-week high level following various Pro- crypto speeches from influential persons like Donald Trump, Senator Lummis, and Michael Saylor at the Bitcoin Conference held in Nashville.
The 70,000 price level was short-lived as the asset was dumped by $4,000 to cool off at $66,000. On Friday Bitcoin dumped from $66,000 to $62,000 following News of the US unemployment rate hitting the highest level since 2021.
Over the weekend Bitcoin dumped to below $60,000 alongside risky US stocks as the General crypto market turned red. However, it slightly recovered to $60,661 at the time of the report. Bitcoin Market Cap has slumped below $1.2 trillion at the moment.
How is Bitcoin faring at the moment?
At the time of the report, Bitcoin is changing hands for $60,661 dropping by 1.7% in the last 24 hours with a maximum price of $62,161 and a minimum price of $59,909.
The crypto asset is down 10% in the last 7 days and 17.7% from its all-time high of $73,737.
Altcoins drop over the weekend
Altcoins were heavily affected by the general market downtime over the weekend too. The altcoins have a long history of reacting to Bitcoin’s performance.
The Biggest losers over the weekend amongst the Altcoins with large market caps include SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%).
Ethereum and Binance coins also dropped in Price values with Ethereum dropping to $2,890 before recovering to $2,907 and Binance coins dropping to $523 before dropping even further to $349 at the time of report.
What to know
- The Total crypto market capitalization lost a whopping $70 billion dropping to $2.230 trillion following the general market downturn. The top 19 crypto assets by market capitalization are all in red at the time of this report.
- The Total crypto market capitalization is down by 2.4% in the last 24 hours.
- Despite the general market downturn, Bitcoin still maintains reasonable dominance over the Altcoins per Coingecko data. Bitcoin’s dominance over the altcoins is on the rise to 53.2% according to the crypto stats platform.